Open Text Co. (NASDAQ:OTEX) Shares Purchased by Avior Wealth Management LLC

Avior Wealth Management LLC grew its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 11.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 44,662 shares of the software maker’s stock after purchasing an additional 4,600 shares during the quarter. Avior Wealth Management LLC’s holdings in Open Text were worth $1,265,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. American Century Companies Inc. increased its position in shares of Open Text by 13.6% during the second quarter. American Century Companies Inc. now owns 92,871 shares of the software maker’s stock worth $2,789,000 after acquiring an additional 11,127 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Open Text by 6.1% during the second quarter. Dimensional Fund Advisors LP now owns 787,619 shares of the software maker’s stock worth $23,660,000 after acquiring an additional 45,380 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of Open Text by 5.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker’s stock worth $524,000 after acquiring an additional 874 shares during the last quarter. Sei Investments Co. purchased a new stake in shares of Open Text during the second quarter worth about $4,829,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Open Text by 186.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 38,149 shares of the software maker’s stock worth $1,146,000 after acquiring an additional 24,810 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Performance

Shares of OTEX stock opened at $28.84 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The business has a 50 day moving average of $28.91 and a two-hundred day moving average of $30.75. Open Text Co. has a 52 week low of $26.84 and a 52 week high of $45.47. The company has a market cap of $7.61 billion, a P/E ratio of 16.67 and a beta of 1.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.13. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The business’s revenue was down 11.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 earnings per share. As a group, analysts anticipate that Open Text Co. will post 3.37 EPS for the current year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, November 29th were given a dividend of $0.262 per share. The ex-dividend date was Friday, November 29th. This is an increase from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 annualized dividend and a dividend yield of 3.63%. Open Text’s payout ratio is currently 60.69%.

Analyst Ratings Changes

OTEX has been the topic of a number of analyst reports. Scotiabank dropped their target price on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research report on Friday, November 1st. UBS Group began coverage on Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective for the company. Royal Bank of Canada lowered Open Text from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $45.00 to $33.00 in a report on Friday, November 1st. Barclays lowered their price objective on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. Finally, Citigroup lowered their price objective on Open Text from $33.00 to $30.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Nine research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $35.27.

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.