Cubist Systematic Strategies LLC Has $2.48 Million Position in Open Text Co. (NASDAQ:OTEX)

Cubist Systematic Strategies LLC raised its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 1,699.8% in the 2nd quarter, Holdings Channel.com reports. The fund owned 82,577 shares of the software maker’s stock after buying an additional 77,989 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Open Text were worth $2,478,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of OTEX. Ridgewood Investments LLC acquired a new position in Open Text in the second quarter valued at about $30,000. Headlands Technologies LLC acquired a new position in shares of Open Text in the 1st quarter valued at approximately $32,000. Kimelman & Baird LLC bought a new stake in shares of Open Text during the 2nd quarter worth approximately $36,000. UniSuper Management Pty Ltd boosted its position in shares of Open Text by 105.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 3,900 shares of the software maker’s stock worth $151,000 after acquiring an additional 2,000 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in Open Text by 27.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,692 shares of the software maker’s stock valued at $197,000 after acquiring an additional 1,023 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

OTEX has been the subject of several recent analyst reports. BMO Capital Markets cut their target price on Open Text from $38.00 to $33.00 and set a “market perform” rating for the company in a research note on Friday, August 2nd. CIBC decreased their target price on Open Text from $36.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, July 19th. Citigroup increased their target price on shares of Open Text from $32.00 to $34.00 and gave the stock a “neutral” rating in a report on Wednesday, September 25th. National Bank Financial cut shares of Open Text from an “outperform” rating to a “sector perform” rating in a research report on Friday, August 2nd. Finally, National Bankshares lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price on the stock. in a research report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $38.80.

Open Text Stock Up 0.2 %

Shares of OTEX opened at $33.81 on Friday. The stock’s 50-day moving average price is $31.96 and its two-hundred day moving average price is $32.08. Open Text Co. has a 12 month low of $27.50 and a 12 month high of $45.47. The company has a market capitalization of $9.13 billion, a PE ratio of 54.53 and a beta of 1.12. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.51.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The firm’s quarterly revenue was down 8.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.79 earnings per share. On average, analysts anticipate that Open Text Co. will post 3.23 EPS for the current year.

Open Text Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were given a dividend of $0.192 per share. This represents a $0.77 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend was Friday, August 30th. Open Text’s dividend payout ratio (DPR) is presently 169.35%.

Open Text Company Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.