1832 Asset Management L.P. Purchases 58,561 Shares of Open Text Co. (NASDAQ:OTEX)

1832 Asset Management L.P. boosted its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 2.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,932,456 shares of the software maker’s stock after purchasing an additional 58,561 shares during the period. 1832 Asset Management L.P. owned about 1.10% of Open Text worth $88,091,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Optiver Holding B.V. bought a new position in Open Text in the 4th quarter valued at approximately $27,000. Ridgewood Investments LLC bought a new position in Open Text in the 2nd quarter valued at approximately $30,000. Headlands Technologies LLC bought a new position in Open Text in the 1st quarter valued at approximately $32,000. Assetmark Inc. bought a new position in Open Text in the 4th quarter valued at approximately $48,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Open Text by 18.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after purchasing an additional 334 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Open Text Trading Down 0.1 %

OTEX opened at $32.76 on Monday. Open Text Co. has a twelve month low of $27.50 and a twelve month high of $45.47. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51. The company has a fifty day moving average of $31.38 and a 200-day moving average of $32.53. The stock has a market cap of $8.84 billion, a PE ratio of 52.84 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.05. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the company posted $0.79 earnings per share. Open Text’s revenue for the quarter was down 8.6% compared to the same quarter last year. On average, sell-side analysts predict 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 2.34%. The ex-dividend date was Friday, August 30th. Open Text’s dividend payout ratio (DPR) is presently 169.35%.

Wall Street Analysts Forecast Growth

OTEX has been the subject of several research reports. BMO Capital Markets dropped their price objective on shares of 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. Jefferies Financial Group dropped their price objective on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. National Bankshares cut shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price target for the company. in a research report on Friday, August 2nd. Barclays decreased their price target on shares of Open Text from $38.00 to $36.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Finally, CIBC decreased their price target on shares of Open Text from $36.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, July 19th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $38.60.

Open Text 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.