Hantz Financial Services Inc. Purchases Shares of 34,294 Open Text Co. (NASDAQ:OTEX)

Hantz Financial Services Inc. purchased a new stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 34,294 shares of the software maker’s stock, valued at approximately $1,141,000.

A number of other hedge funds also recently bought and sold shares of the company. Ridgewood Investments LLC bought a new stake in shares of Open Text in the second quarter valued at about $30,000. Blue Trust Inc. lifted its stake in shares of Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after buying an additional 793 shares during the period. Kimelman & Baird LLC bought a new stake in shares of Open Text in the second quarter valued at about $36,000. Cromwell Holdings LLC lifted its stake in shares of Open Text by 29.6% in the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after buying an additional 380 shares during the period. Finally, Essex LLC bought a new stake in shares of Open Text in the third quarter valued at about $210,000. 70.37% of the stock is currently owned by institutional investors.

Open Text Stock Performance

NASDAQ OTEX opened at $30.43 on Monday. The firm has a market cap of $8.09 billion, a price-to-earnings ratio of 17.59 and a beta of 1.13. The company has a 50 day moving average of $31.70 and a 200-day moving average of $31.02. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. Open Text Co. has a 1-year low of $27.50 and a 1-year high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data 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. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The company’s revenue was down 11.0% on a year-over-year basis. During the same quarter last year, the business posted $0.90 earnings per share. On average, equities analysts forecast that Open Text Co. will post 3.37 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.262 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, November 29th. This represents a $1.05 annualized dividend and a dividend yield of 3.44%. Open Text’s dividend payout ratio (DPR) is presently 60.69%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on OTEX shares. TD Securities reduced their target price on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Scotiabank reduced their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research note on Friday, November 1st. Royal Bank of Canada cut 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 research note on Friday, November 1st. Barclays cut their price target on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. Finally, BMO Capital Markets cut their price target on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research note on Friday, November 1st. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Open Text has an average rating of “Hold” and a consensus target price of $35.90.

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.