Raymond James Financial Inc. Makes New Investment in Open Text Co. (NASDAQ:OTEX)

Raymond James Financial Inc. purchased a new position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 126,130 shares of the software maker’s stock, valued at approximately $3,572,000.

Several other hedge funds have also made changes to their positions in OTEX. IFP Advisors Inc grew its stake in shares of Open Text by 103.8% during the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock valued at $29,000 after buying an additional 515 shares during the period. Blue Trust Inc. grew its position in Open Text by 40.8% during the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock valued at $39,000 after acquiring an additional 398 shares during the period. Allworth Financial LP increased its stake in Open Text by 20.7% during the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after acquiring an additional 439 shares during the last quarter. Plato Investment Management Ltd purchased a new position in shares of Open Text in the 4th quarter worth about $138,000. Finally, Asahi Life Asset Management CO. LTD. acquired a new position in shares of Open Text in the 4th quarter valued at about $241,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Price Performance

NASDAQ:OTEX opened at $26.49 on Friday. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market cap of $6.96 billion, a P/E ratio of 10.77 and a beta of 1.17. The company has a fifty day moving average price of $27.43 and a 200 day moving average price of $29.57. Open Text Co. has a one year low of $24.86 and a one year high of $39.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. Analysts anticipate that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were issued a dividend of $0.2625 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, March 7th. This represents a $1.05 annualized dividend and a dividend yield of 3.96%. Open Text’s dividend payout ratio (DPR) is presently 42.68%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Barclays lifted their target price on shares of Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. TD Securities dropped their target price on Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Sunday, February 9th. Citigroup upped their price target on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Finally, Royal Bank of Canada lowered their price objective on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Open Text currently has a consensus rating of “Hold” and a consensus target price of $35.18.

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.