Blue Trust Inc. Acquires 793 Shares of Open Text Co. (NASDAQ:OTEX)

Blue Trust Inc. boosted its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 435.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 975 shares of the software maker’s stock after purchasing an additional 793 shares during the period. Blue Trust Inc.’s holdings in Open Text were worth $32,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in OTEX. Headlands Technologies LLC bought a new stake in shares of Open Text in the 1st quarter valued at about $32,000. Ridgewood Investments LLC bought a new stake in Open Text in the second quarter valued at approximately $30,000. Kimelman & Baird LLC purchased a new stake in shares of Open Text during the second quarter valued at approximately $36,000. UniSuper Management Pty Ltd grew its holdings in shares of Open Text by 105.3% in the first quarter. UniSuper Management Pty Ltd now owns 3,900 shares of the software maker’s stock worth $151,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Essex LLC purchased a new position in shares of Open Text in the first quarter worth $250,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on OTEX. Royal Bank of Canada lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $45.00 to $33.00 in a report on Friday. Scotiabank reduced their price target on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday. BMO Capital Markets lowered their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research report on Friday. National Bankshares lowered Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective on the stock. in a research report on Friday, August 2nd. Finally, Citigroup decreased their target price on Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $35.90.

Open Text Stock Down 3.4 %

Shares of Open Text stock opened at $28.98 on Friday. Open Text Co. has a 1 year low of $27.50 and a 1 year high of $45.47. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.81 and a quick ratio of 0.81. The company has a 50-day moving average of $32.73 and a 200 day moving average of $31.56. The firm has a market cap of $7.70 billion, a price-to-earnings ratio of 16.75 and a beta of 1.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. Open Text had a net margin of 8.35% and a return on equity of 24.37%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter last year, the firm earned $0.79 earnings per share. The business’s revenue for the quarter was down 8.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Open Text Co. will post 3.23 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.262 per share. This is a boost from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, November 29th. This represents a $1.05 dividend on an annualized basis and a yield of 3.62%. Open Text’s payout ratio is presently 60.69%.

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.