Bridgewater Associates LP Takes Position in Open Text Co. (NASDAQ:OTEX)

Bridgewater Associates LP acquired a new stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 37,726 shares of the software maker’s stock, valued at approximately $1,257,000.

Other hedge funds have also recently modified their holdings of the company. Blue Trust Inc. grew its position in shares of Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after acquiring an additional 793 shares during the period. Ridgewood Investments LLC bought a new stake in shares of Open Text during the 2nd quarter valued at $30,000. Kimelman & Baird LLC purchased a new position in shares of Open Text during the 2nd quarter valued at $36,000. Cromwell Holdings LLC lifted its stake in shares of Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after buying an additional 380 shares in the last quarter. Finally, Essex LLC purchased a new position in shares of Open Text during the 3rd quarter valued at $210,000. Institutional investors own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Royal Bank of Canada cut shares of Open Text from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $45.00 to $33.00 in a research note on Friday, November 1st. Citigroup lowered their target price on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. BMO Capital Markets decreased their price target on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research note on Friday, November 1st. TD Securities decreased their price target on shares of Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, Barclays decreased their price target on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Eight 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 company currently has an average rating of “Hold” and a consensus price target of $35.90.

Open Text Stock Down 0.5 %

Shares of NASDAQ OTEX opened at $30.43 on Monday. The firm’s 50-day moving average price is $31.70 and its 200-day moving average price is $31.02. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. The stock has a market capitalization of $8.09 billion, a price-to-earnings ratio of 17.59 and a beta of 1.13. Open Text Co. has a 12-month low of $27.50 and a 12-month high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, beating the consensus estimate of $0.80 by $0.13. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The firm’s revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 EPS. On average, equities research analysts anticipate that Open Text Co. will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be issued a dividend of $0.262 per share. This represents a $1.05 annualized dividend and a yield of 3.44%. This is an increase from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, November 29th. Open Text’s dividend payout ratio is presently 60.69%.

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.