Galibier Capital Management Ltd. Buys Shares of 399,643 Open Text Co. (NASDAQ:OTEX)

Galibier Capital Management Ltd. bought a new stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 399,643 shares of the software maker’s stock, valued at approximately $15,522,000. Open Text comprises approximately 3.7% of Galibier Capital Management Ltd.’s holdings, making the stock its 14th largest position.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in OTEX. Harris Associates L P increased its stake in shares of Open Text by 1.6% in the third quarter. Harris Associates L P now owns 11,515,807 shares of the software maker’s stock worth $404,144,000 after purchasing an additional 177,600 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Open Text by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 10,209,098 shares of the software maker’s stock worth $428,986,000 after purchasing an additional 123,090 shares in the last quarter. FIL Ltd increased its stake in shares of Open Text by 25.7% in the fourth quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock worth $380,696,000 after purchasing an additional 1,853,891 shares in the last quarter. Beutel Goodman & Co Ltd. increased its stake in shares of Open Text by 9.9% in the fourth quarter. Beutel Goodman & Co Ltd. now owns 8,661,252 shares of the software maker’s stock worth $365,800,000 after purchasing an additional 782,885 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Open Text by 1.1% in the fourth quarter. First Trust Advisors LP now owns 6,965,317 shares of the software maker’s stock worth $292,817,000 after purchasing an additional 74,481 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Raymond James cut their target price on shares of Open Text from $55.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Barclays cut their target price on shares of Open Text from $44.00 to $38.00 and set an “equal weight” rating for the company in a research note on Friday, May 3rd. BMO Capital Markets cut shares of Open Text from an “outperform” rating to a “market perform” rating and cut their target price for the company from $50.00 to $38.00 in a research note on Friday, May 3rd. National Bankshares lowered their price objective on shares of Open Text from $60.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Finally, Scotiabank reiterated a “sector perform” rating on shares of Open Text in a research report on Friday, May 3rd. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.50.

Open Text Trading Up 0.6 %

Shares of Open Text stock traded up $0.19 during trading on Friday, hitting $30.04. The stock had a trading volume of 714,985 shares, compared to its average volume of 758,135. The firm’s fifty day simple moving average is $30.69 and its 200-day simple moving average is $36.67. The stock has a market cap of $8.11 billion, a PE ratio of 48.45 and a beta of 1.11. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.40 and a quick ratio of 1.40. Open Text Co. has a 12 month low of $27.54 and a 12 month high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, May 2nd. The software maker reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.03. The firm had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.43 billion. Open Text had a net margin of 2.85% and a return on equity of 24.45%. As a group, sell-side analysts expect that Open Text Co. will post 3.79 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Friday, May 31st were issued a dividend of $0.435 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Friday, May 31st. This represents a $1.74 dividend on an annualized basis and a yield of 5.79%. Open Text’s dividend payout ratio (DPR) is presently 159.68%.

About Open Text

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.