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

Quantbot Technologies LP bought a new stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 29,321 shares of the software maker’s stock, valued at approximately $830,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Cooke & Bieler LP lifted its holdings in Open Text by 6.6% in the fourth quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker’s stock worth $178,670,000 after buying an additional 389,220 shares during the period. The Manufacturers Life Insurance Company lifted its position in Open Text by 1.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock valued at $187,952,000 after acquiring an additional 63,620 shares during the period. Brandes Investment Partners LP boosted its position in shares of Open Text by 29.2% in the 4th quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker’s stock worth $127,557,000 after purchasing an additional 1,017,065 shares in the last quarter. National Bank of Canada FI grew its stake in shares of Open Text by 1.1% in the 3rd quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker’s stock worth $135,399,000 after buying an additional 46,223 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Open Text by 4.6% in the third quarter. Geode Capital Management LLC now owns 1,397,853 shares of the software maker’s stock worth $46,460,000 after acquiring an additional 61,696 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on OTEX. Royal Bank of Canada lowered their price target on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th. UBS Group initiated coverage on shares of Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 target price for the company. TD Securities dropped their target price on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Sunday, February 9th. Citigroup raised their price target on shares of Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Finally, StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $35.18.

Open Text Stock Down 1.3 %

OTEX stock opened at $26.82 on Thursday. The company has a market cap of $7.08 billion, a price-to-earnings ratio of 10.90 and a beta of 1.17. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. The business’s 50-day moving average is $27.47 and its two-hundred day moving average is $29.59. Open Text Co. has a fifty-two week low of $24.86 and a fifty-two week high of $39.87.

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

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were paid a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 3.91%. This is a positive change from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, March 7th. Open Text’s dividend payout ratio is 42.68%.

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.