Blueshift Asset Management LLC Makes New $377,000 Investment in Open Text Co. (NASDAQ:OTEX)

Blueshift Asset Management LLC bought a new position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 13,312 shares of the software maker’s stock, valued at approximately $377,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Generali Asset Management SPA SGR purchased a new stake in shares of Open Text in the fourth quarter worth about $62,000. Brandes Investment Partners LP lifted its holdings in shares of Open Text by 29.2% in the fourth quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker’s stock worth $127,557,000 after buying an additional 1,017,065 shares in the last quarter. Achmea Investment Management B.V. lifted its holdings in shares of Open Text by 5.5% in the fourth quarter. Achmea Investment Management B.V. now owns 103,332 shares of the software maker’s stock worth $2,923,000 after buying an additional 5,408 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Open Text in the fourth quarter worth about $8,685,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Open Text by 15.4% in the fourth quarter. Farther Finance Advisors LLC now owns 10,041 shares of the software maker’s stock worth $284,000 after buying an additional 1,340 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Open Text Price Performance

OTEX opened at $26.39 on Friday. The stock has a 50-day moving average price of $27.53 and a 200-day moving average price of $29.74. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $6.97 billion, a PE ratio of 10.73 and a beta of 1.17. Open Text Co. has a 1 year low of $24.86 and a 1 year high of $40.55.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. Sell-side analysts predict that Open Text Co. will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be given a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 3.98%. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Open Text’s previous quarterly dividend of $0.26. Open Text’s payout ratio is currently 42.68%.

Analysts Set New Price Targets

OTEX has been the topic of a number of recent analyst reports. StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Royal Bank of Canada cut their target price on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a report on Friday, February 7th. Citigroup raised their target price on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Barclays lifted their price target on shares of Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Finally, UBS Group began coverage on shares of Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price target on the stock. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Open Text currently has an average rating of “Hold” and a consensus target price of $35.18.

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.