Oppenheimer Asset Management Inc. Buys Shares of 9,967 Open Text Co. (NASDAQ:OTEX)

Oppenheimer Asset Management Inc. acquired a new position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the third quarter, HoldingsChannel reports. The fund acquired 9,967 shares of the software maker’s stock, valued at approximately $332,000.

Other large investors have also modified their holdings of the company. Ridgewood Investments LLC purchased a new position in shares of Open Text in the 2nd quarter worth approximately $30,000. Blue Trust Inc. lifted its position in Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after acquiring an additional 793 shares during the period. Kimelman & Baird LLC purchased a new position in shares of Open Text in the second quarter worth about $36,000. Cromwell Holdings LLC raised its position in Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after buying an additional 380 shares during the last quarter. Finally, UniSuper Management Pty Ltd increased its stake 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 acquiring an additional 2,000 shares during the period. Institutional investors own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on OTEX shares. National Bank Financial lowered Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. TD Securities reduced their price target on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a report on Friday, November 1st. National Bankshares downgraded shares of 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. Royal Bank of Canada downgraded Open Text from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $45.00 to $33.00 in a research report on Friday, November 1st. Finally, Jefferies Financial Group dropped their target price on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Open Text currently has a consensus rating of “Hold” and an average price target of $35.90.

Open Text Price Performance

NASDAQ:OTEX opened at $28.87 on Thursday. The company has a market capitalization of $7.68 billion, a P/E ratio of 16.69 and a beta of 1.13. Open Text Co. has a 52 week low of $27.50 and a 52 week high of $45.47. The stock’s fifty day moving average is $32.07 and its two-hundred day moving average is $31.04. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the prior year, the firm earned $0.90 earnings per share. The firm’s revenue was down 11.0% compared to the same quarter last year. Equities analysts expect that Open Text Co. will post 3.37 EPS for the current year.

Open Text Increases Dividend

The firm also recently declared 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 3.63%. The ex-dividend date is Friday, November 29th. This is a boost from Open Text’s previous quarterly dividend of $0.19. Open Text’s dividend payout ratio (DPR) is currently 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.