Canoe Financial LP Acquires 84,000 Shares of Open Text Co. (NASDAQ:OTEX)

Canoe Financial LP boosted its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 127.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 150,000 shares of the software maker’s stock after acquiring an additional 84,000 shares during the quarter. Canoe Financial LP owned 0.06% of Open Text worth $4,242,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. lifted its holdings in shares of Open Text by 1.7% during the third quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker’s stock valued at $629,000 after acquiring an additional 322 shares during the period. BNP Paribas Financial Markets increased its position in shares of Open Text by 3.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock worth $369,000 after purchasing an additional 351 shares in the last quarter. Cromwell Holdings LLC lifted its holdings in 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 purchasing an additional 380 shares during the last quarter. Blue Trust Inc. boosted its position in Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after buying an additional 793 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its stake in Open Text by 5.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker’s stock worth $524,000 after buying an additional 874 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Down 1.2 %

Shares of NASDAQ OTEX opened at $27.78 on Friday. Open Text Co. has a 1 year low of $26.84 and a 1 year high of $45.47. The firm’s 50-day moving average is $29.03 and its 200-day moving average is $30.84. 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 firm has a market capitalization of $7.35 billion, a PE ratio of 16.06 and a beta of 1.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The business’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.90 EPS. Equities analysts expect that Open Text Co. will post 3.37 EPS for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, November 29th were issued a $0.262 dividend. This represents a $1.05 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date was Friday, November 29th. This is an increase from Open Text’s previous quarterly dividend of $0.19. Open Text’s dividend payout ratio is currently 60.69%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Scotiabank cut their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research note on Friday, November 1st. Royal Bank of Canada cut Open Text from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from $45.00 to $33.00 in a report on Friday, November 1st. Barclays reduced their price objective on 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. Citigroup lowered their target price on Open Text from $33.00 to $30.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 11th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Open Text currently has a consensus rating of “Hold” and a consensus price target of $35.27.

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.