Andra AP fonden Grows Stake in Open Text Co. (NASDAQ:OTEX)

Andra AP fonden lifted its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 386.5% in the 4th quarter, HoldingsChannel reports. The firm owned 267,600 shares of the software maker’s stock after buying an additional 212,600 shares during the quarter. Andra AP fonden’s holdings in Open Text were worth $7,578,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. The Manufacturers Life Insurance Company increased its position in Open Text by 1.1% in the third quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock worth $187,952,000 after buying an additional 63,620 shares during the last quarter. National Bank of Canada FI increased its holdings in Open Text by 1.1% in the 3rd quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker’s stock worth $135,399,000 after acquiring an additional 46,223 shares during the last quarter. Geode Capital Management LLC raised its stake in Open Text by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,397,853 shares of the software maker’s stock valued at $46,460,000 after acquiring an additional 61,696 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Open Text by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 677,709 shares of the software maker’s stock valued at $19,170,000 after purchasing an additional 5,177 shares during the last quarter. Finally, Toronto Dominion Bank boosted its position in Open Text by 169.6% during the third quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker’s stock worth $19,173,000 after purchasing an additional 362,422 shares during the period. Institutional investors own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. TD Securities dropped 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. StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Barclays lifted their price target on Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Royal Bank of Canada dropped their price objective on Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a report on Friday, February 7th. Finally, Citigroup lifted their target price on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $35.18.

Open Text Price Performance

Shares of NASDAQ:OTEX opened at $26.33 on Friday. Open Text Co. has a one year low of $25.07 and a one year high of $40.55. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of 10.70 and a beta of 1.17. The company’s fifty day moving average price is $27.97 and its 200-day moving average price is $30.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. On average, equities research analysts anticipate that Open Text Co. will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be paid a $0.2625 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.05 annualized dividend and a yield of 3.99%. This is a positive change from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio is currently 42.68%.

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.