CDAM UK Ltd Has $64.55 Million Position in Open Text Co. (NASDAQ:OTEX)

CDAM UK Ltd grew its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 3.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,279,152 shares of the software maker’s stock after acquiring an additional 66,515 shares during the period. Open Text accounts for 9.7% of CDAM UK Ltd’s portfolio, making the stock its 7th largest holding. CDAM UK Ltd owned 0.86% of Open Text worth $64,546,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new position in Open Text in the 4th quarter worth $93,216,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Open Text by 75.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker’s stock valued at $169,555,000 after buying an additional 2,586,549 shares in the last quarter. Brandes Investment Partners LP grew its stake in shares of Open Text by 29.2% during the 4th quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker’s stock valued at $127,557,000 after acquiring an additional 1,017,065 shares during the period. Cooke & Bieler LP increased its holdings in Open Text by 6.6% in the 4th quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker’s stock worth $178,670,000 after acquiring an additional 389,220 shares in the last quarter. Finally, Toronto Dominion Bank raised its stake in Open Text by 169.6% during the 3rd quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker’s stock worth $19,173,000 after acquiring an additional 362,422 shares during the period. Hedge funds and other 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. TD Securities dropped their price target on shares of Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Sunday, February 9th. Royal Bank of Canada dropped their target price on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Barclays upped their price objective on Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. Finally, UBS Group assumed coverage on shares of Open Text in a research report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective on the stock. Nine equities research 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 stock currently has an average rating of “Hold” and a consensus price target of $35.18.

Open Text Trading Down 2.9 %

Shares of NASDAQ OTEX opened at $24.13 on Friday. Open Text Co. has a 1-year low of $23.43 and a 1-year high of $37.86. 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 business’s 50 day moving average is $27.05 and its two-hundred day moving average is $29.28. The stock has a market capitalization of $6.34 billion, a P/E ratio of 9.81 and a beta of 1.17.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, beating 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%. As a group, research analysts expect that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were issued a dividend of $0.2625 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.05 dividend on an annualized basis and a yield of 4.35%. This is a boost from Open Text’s previous quarterly dividend of $0.26. Open Text’s payout ratio is presently 42.68%.

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.