Occudo Quantitative Strategies LP Makes New Investment in Open Text Co. (NASDAQ:OTEX)

Occudo Quantitative Strategies LP bought a new position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 10,938 shares of the software maker’s stock, valued at approximately $310,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Mork Capital Management LLC bought a new stake in shares of Open Text in the fourth quarter worth $1,000,000. Lazard Asset Management LLC grew its holdings in shares of Open Text by 101.7% in the fourth quarter. Lazard Asset Management LLC now owns 53,656 shares of the software maker’s stock worth $1,519,000 after acquiring an additional 27,049 shares during the period. Letko Brosseau & Associates Inc. grew its holdings in shares of Open Text by 1.1% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 4,348,755 shares of the software maker’s stock worth $123,006,000 after acquiring an additional 49,065 shares during the period. JARISLOWSKY FRASER Ltd grew its holdings in shares of Open Text by 11.8% in the fourth quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker’s stock worth $522,879,000 after acquiring an additional 1,957,695 shares during the period. Finally, D. E. Shaw & Co. Inc. grew its holdings in shares of Open Text by 1,084.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 676,510 shares of the software maker’s stock worth $19,142,000 after acquiring an additional 619,384 shares during the period. Institutional investors own 70.37% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Scotiabank cut their price objective on Open Text from $35.00 to $30.00 and set a “sector perform” rating for the company in a report on Monday, April 28th. Barclays decreased their price target on shares of Open Text from $36.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Monday, April 21st. UBS Group decreased their price target on shares of Open Text from $32.00 to $28.00 and set a “neutral” rating on the stock in a research report on Friday, May 2nd. National Bankshares lowered their target price on Open Text from $38.00 to $34.00 and set a “sector perform” rating on the stock in a research report on Friday, April 25th. Finally, TD Securities lowered their target price on Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Sunday, February 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Open Text presently has a consensus rating of “Hold” and a consensus price target of $32.30.

Open Text Price Performance

Shares of Open Text stock opened at $28.14 on Friday. The stock’s 50-day simple moving average is $25.99 and its 200-day simple moving average is $27.77. Open Text Co. has a 52 week low of $22.79 and a 52 week high of $34.20. The company has a market capitalization of $7.31 billion, a price-to-earnings ratio of 11.44 and a beta of 1.15. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Wednesday, April 30th. The software maker reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. Open Text had a return on equity of 23.23% and a net margin of 12.21%. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the previous year, the business earned $0.94 earnings per share. The business’s revenue was down 13.3% on a year-over-year basis. As a group, analysts expect that Open Text Co. will post 3.45 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be given a $0.2625 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.05 annualized dividend and a dividend yield of 3.73%. Open Text’s payout ratio is 42.86%.

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.