Quantbot Technologies LP Makes New Investment in Open Text Co. (NASDAQ:OTEX)

Quantbot Technologies LP purchased a new position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the fourth quarter, HoldingsChannel reports. The firm purchased 29,321 shares of the software maker’s stock, valued at approximately $830,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. IFP Advisors Inc boosted its holdings in 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 buying an additional 515 shares during the period. Blue Trust Inc. grew its position in shares of Open Text by 40.8% during the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after purchasing an additional 398 shares in the last quarter. Generali Asset Management SPA SGR bought a new stake in Open Text during the 4th quarter valued at approximately $62,000. Allworth Financial LP lifted its holdings in Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after purchasing an additional 439 shares in the last quarter. Finally, Plato Investment Management Ltd bought a new position in Open Text in the 4th quarter worth approximately $138,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Open Text Stock Down 1.3 %

NASDAQ OTEX opened at $26.82 on Thursday. Open Text Co. has a 52 week low of $24.86 and a 52 week high of $39.87. The firm has a market capitalization of $7.08 billion, a price-to-earnings ratio of 10.90 and a beta of 1.17. 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 company has a fifty day moving average of $27.47 and a two-hundred day moving average of $29.59.

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

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were paid a dividend of $0.2625 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date of this dividend was Friday, March 7th. Open Text’s dividend payout ratio (DPR) is currently 42.68%.

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.