Open Text Co. (NASDAQ:OTEX) Stock Holdings Increased by BNP Paribas Financial Markets

BNP Paribas Financial Markets increased its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 3.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,093 shares of the software maker’s stock after purchasing an additional 351 shares during the quarter. BNP Paribas Financial Markets’ holdings in Open Text were worth $369,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Assenagon Asset Management S.A. raised its holdings in shares of Open Text by 1.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker’s stock worth $629,000 after purchasing an additional 322 shares in the last quarter. Cromwell Holdings LLC raised its holdings in shares of Open Text by 29.6% in the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after purchasing an additional 380 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after purchasing an additional 793 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Open Text by 5.3% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker’s stock worth $524,000 after purchasing an additional 874 shares in the last quarter. Finally, Ridgewood Investments LLC bought a new stake in shares of Open Text in the 2nd quarter worth approximately $30,000. 70.37% of the stock is currently owned by institutional investors.

Open Text Stock Performance

Shares of OTEX opened at $29.52 on Friday. The company’s 50 day moving average price is $31.17 and its 200 day moving average price is $31.01. Open Text Co. has a 52 week low of $27.50 and a 52 week high of $45.47. The company has a market capitalization of $7.85 billion, a PE ratio of 17.06 and a beta of 1.11. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the previous year, the firm posted $0.90 earnings per share. The firm’s revenue was down 11.0% on a year-over-year basis. Research analysts expect that Open Text Co. will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be given a $0.262 dividend. This represents a $1.05 annualized dividend and a yield of 3.55%. This is an increase from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, November 29th. Open Text’s payout ratio is currently 60.69%.

Wall Street Analyst Weigh In

OTEX has been the topic of several analyst reports. Royal Bank of Canada downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $45.00 to $33.00 in a research report on Friday, November 1st. Citigroup dropped their target price on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. BMO Capital Markets dropped their target price on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research report on Friday, November 1st. Barclays dropped their target price on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Finally, TD Securities dropped their target price on shares of Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $35.90.

About Open Text

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.