XTX Topco Ltd Invests $778,000 in Open Text Co. (NASDAQ:OTEX)

XTX Topco Ltd purchased a new position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 25,898 shares of the software maker’s stock, valued at approximately $778,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Optiver Holding B.V. bought a new position in shares of Open Text in the 4th quarter worth $27,000. Ridgewood Investments LLC bought a new position in shares of Open Text in the 2nd quarter worth $30,000. Headlands Technologies LLC bought a new position in shares of Open Text in the 1st quarter worth $32,000. Assetmark Inc. bought a new position in shares of Open Text in the 4th quarter worth $48,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Open Text by 18.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock worth $92,000 after acquiring an additional 334 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Open Text Stock Performance

Shares of Open Text stock opened at $32.76 on Monday. The firm has a market cap of $8.84 billion, a price-to-earnings ratio of 52.84 and a beta of 1.11. The stock’s 50-day moving average is $31.38 and its 200-day moving average is $32.53. Open Text Co. has a one year low of $27.50 and a one year high of $45.47. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.81 and a quick ratio of 0.81.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. Open Text’s quarterly revenue was down 8.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.79 earnings per share. Equities analysts predict that Open Text Co. will post 3.23 earnings per share for the current fiscal year.

Open Text Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were given a $0.192 dividend. This represents a $0.77 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date was Friday, August 30th. Open Text’s dividend payout ratio is currently 169.35%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on OTEX shares. National Bank Financial lowered Open Text from an “outperform” rating to a “sector perform” rating in a report on Friday, August 2nd. Barclays reduced their target price on Open Text from $38.00 to $36.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. CIBC reduced their target price on Open Text from $36.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, July 19th. Jefferies Financial Group reduced their target price on Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, National Bankshares lowered Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price on the stock. in a report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $38.60.

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.