Bridgewater Associates LP Acquires 136,321 Shares of Open Text Co. (NASDAQ:OTEX)

Bridgewater Associates LP increased its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 361.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 174,047 shares of the software maker’s stock after acquiring an additional 136,321 shares during the period. Bridgewater Associates LP owned approximately 0.07% of Open Text worth $4,923,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. IFP Advisors Inc boosted its position in shares of Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after purchasing an additional 515 shares in the last quarter. Blue Trust Inc. boosted its holdings in Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after acquiring an additional 398 shares in the last quarter. Generali Asset Management SPA SGR purchased a new stake in shares of Open Text in the fourth quarter worth $62,000. Allworth Financial LP increased its holdings in shares of Open Text by 20.7% during the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after acquiring an additional 439 shares in the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new position in shares of Open Text in the 4th quarter worth about $105,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Price Performance

NASDAQ OTEX opened at $25.51 on Friday. The company has a 50-day moving average price of $26.06 and a 200-day moving average price of $28.69. Open Text Co. has a 52 week low of $22.79 and a 52 week high of $36.39. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The firm has a market capitalization of $6.70 billion, a P/E ratio of 10.37 and a beta of 1.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. Equities research analysts anticipate that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were given a dividend of $0.2625 per share. The ex-dividend date was Friday, March 7th. This is an increase from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a yield of 4.12%. Open Text’s payout ratio is 42.68%.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Royal Bank of Canada cut their price objective on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Friday, February 7th. TD Securities reduced 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. StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Barclays lifted their target price on Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. Finally, Citigroup upped their price target on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Nine investment 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, Open Text presently has an average rating of “Hold” and an average target price of $35.18.

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.