Arrowstreet Capital Limited Partnership Raises Stock Position in Open Text Co. (NASDAQ:OTEX)

Arrowstreet Capital Limited Partnership lifted its position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 75.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,994,675 shares of the software maker’s stock after buying an additional 2,586,549 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Open Text were worth $169,555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. 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 during the last quarter. Blue Trust Inc. raised its stake in shares of Open Text by 40.8% in the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock valued at $39,000 after acquiring an additional 398 shares during the period. Allworth Financial LP lifted its holdings in shares of 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 acquiring an additional 439 shares during the last quarter. IFP Advisors Inc boosted its position in shares of Open Text by 103.8% during the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after purchasing an additional 515 shares during the period. Finally, DGS Capital Management LLC increased its holdings in Open Text by 2.0% in the 4th quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker’s stock valued at $750,000 after purchasing an additional 530 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

Shares of OTEX stock opened at $25.29 on Monday. The company has a market cap of $6.65 billion, a P/E ratio of 10.28 and a beta of 1.17. The firm has a fifty day moving average price of $27.38 and a 200 day moving average price of $29.49. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. Open Text Co. has a 12 month low of $24.86 and a 12 month high of $39.00.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. Sell-side analysts predict that Open Text Co. will post 3.45 earnings per share for the current fiscal 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 given a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a dividend yield of 4.15%. The ex-dividend date was Friday, March 7th. This is an increase from Open Text’s previous quarterly dividend of $0.26. Open Text’s payout ratio is currently 42.68%.

Analysts Set New Price Targets

A number of research firms have commented on OTEX. UBS Group began coverage on Open Text in a research note on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price target on the stock. StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. TD Securities cut their price target 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. Barclays raised their price objective on shares of Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Finally, Citigroup upped their target price on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $35.18.

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.