AustralianSuper Pty Ltd Purchases 165,836 Shares of Open Text Corporation $OTEX

AustralianSuper Pty Ltd increased its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 55.6% during the second quarter, HoldingsChannel.com reports. The firm owned 463,882 shares of the software maker’s stock after acquiring an additional 165,836 shares during the quarter. AustralianSuper Pty Ltd’s holdings in Open Text were worth $13,563,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Cromwell Holdings LLC boosted its stake in Open Text by 27.4% in the 2nd quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock worth $48,000 after purchasing an additional 352 shares in the last quarter. Headlands Technologies LLC boosted its stake in Open Text by 360.6% in the 1st quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker’s stock worth $73,000 after purchasing an additional 2,261 shares in the last quarter. United Services Automobile Association bought a new position in Open Text in the 1st quarter worth about $213,000. Ridgewood Investments LLC boosted its stake in Open Text by 593.1% in the 1st quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker’s stock worth $219,000 after purchasing an additional 7,414 shares in the last quarter. Finally, Callan Family Office LLC bought a new position in Open Text in the 2nd quarter worth about $250,000. Institutional investors own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on OTEX. CIBC reissued a “neutral” rating on shares of Open Text in a research report on Monday, August 11th. Royal Bank Of Canada boosted their target price on Open Text from $30.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Tuesday, September 2nd. TD Securities lowered Open Text from a “buy” rating to a “hold” rating and boosted their target price for the stock from $35.00 to $40.00 in a research report on Friday, October 3rd. Jefferies Financial Group lowered Open Text from a “buy” rating to a “hold” rating and set a $33.00 target price for the company. in a research report on Tuesday, August 12th. Finally, National Bank Financial raised shares of Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Monday, September 15th. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Open Text presently has an average rating of “Hold” and a consensus target price of $38.08.

Open Text Price Performance

NASDAQ OTEX opened at $39.38 on Tuesday. Open Text Corporation has a 52 week low of $22.79 and a 52 week high of $39.90. The firm has a market capitalization of $9.92 billion, a P/E ratio of 23.87 and a beta of 1.17. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. The company has a 50-day moving average price of $36.31 and a 200-day moving average price of $31.09.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, August 7th. The software maker reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.11. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The firm’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.98 EPS. Equities research analysts anticipate that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were issued a $0.275 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.10 annualized dividend and a yield of 2.8%. This is a positive change from Open Text’s previous quarterly dividend of $0.26. Open Text’s payout ratio is currently 66.67%.

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.