International Assets Investment Management LLC Makes New Investment in Open Text Co. (NASDAQ:OTEX)

International Assets Investment Management LLC purchased a new position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the 3rd quarter, Holdings Channel reports. The firm purchased 13,978 shares of the software maker’s stock, valued at approximately $465,000.

Other hedge funds also recently bought and sold shares of the company. Ridgewood Investments LLC acquired a new stake in shares of Open Text during the second quarter worth $30,000. Headlands Technologies LLC acquired a new stake in shares of Open Text during the first quarter worth $32,000. Blue Trust Inc. boosted its holdings in shares of Open Text by 435.7% during the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after purchasing an additional 793 shares during the last quarter. Kimelman & Baird LLC acquired a new stake in shares of Open Text during the second quarter worth $36,000. Finally, UniSuper Management Pty Ltd boosted its holdings in shares of Open Text by 105.3% during 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. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Price Performance

Shares of NASDAQ OTEX opened at $28.90 on Wednesday. Open Text Co. has a 1-year low of $27.50 and a 1-year high of $45.47. The business has a 50-day moving average of $32.57 and a 200-day moving average of $31.45. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market capitalization of $7.67 billion, a price-to-earnings ratio of 16.71 and a beta of 1.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.13. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. The company’s revenue was down 11.0% compared to the same quarter last year. On average, equities analysts anticipate that Open Text Co. will post 3.23 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 29th will be given a $0.262 dividend. 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. This represents a $1.05 annualized dividend and a dividend yield of 3.63%. Open Text’s dividend payout ratio is presently 60.69%.

Analysts Set New Price Targets

Several research firms have recently issued reports on OTEX. National Bankshares cut Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective on the stock. in a report on Friday, August 2nd. TD Securities decreased their price objective on Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Scotiabank decreased their price objective on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st. Jefferies Financial Group lowered their price target on Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Finally, Barclays lowered their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. Eight investment 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, the company presently has a consensus rating of “Hold” and a consensus price target of $35.90.

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.