International Assets Investment Management LLC Makes New $742,000 Investment in Open Text Co. (NASDAQ:OTEX)

International Assets Investment Management LLC acquired a new stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 17,648 shares of the software maker’s stock, valued at approximately $742,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. IFP Advisors Inc grew its position in Open Text by 82.0% during the third quarter. IFP Advisors Inc now owns 870 shares of the software maker’s stock worth $31,000 after buying an additional 392 shares in the last quarter. Pacifica Partners Inc. bought a new stake in Open Text in the 4th quarter valued at $32,000. Allworth Financial LP raised its stake in shares of Open Text by 125.7% in the 3rd quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after buying an additional 533 shares in the last quarter. Impact Partnership Wealth LLC bought a new position in shares of Open Text during the 3rd quarter worth about $37,000. Finally, Cigna Investments Inc. New acquired a new stake in shares of Open Text during the 4th quarter valued at about $211,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on OTEX shares. Citigroup cut their price target on shares of Open Text from $44.00 to $42.00 and set a “neutral” rating for the company in a research note on Friday, March 22nd. Jefferies Financial Group assumed coverage on Open Text in a research note on Tuesday, February 27th. They set a “buy” rating and a $45.00 price objective for the company. StockNews.com raised Open Text from a “hold” rating to a “buy” rating in a report on Tuesday, February 6th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $53.00 target price on shares of Open Text in a report on Friday, February 2nd. Finally, TD Securities lifted their price target on shares of Open Text from $53.00 to $54.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.25.

Open Text Trading Up 1.8 %

NASDAQ OTEX opened at $36.09 on Wednesday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 2.10. Open Text Co. has a 12 month low of $32.04 and a 12 month high of $45.47. The company has a market capitalization of $9.84 billion, a PE ratio of 76.79 and a beta of 1.09. The stock has a 50-day simple moving average of $38.04 and a 200 day simple moving average of $38.77.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.01. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.48 billion. Open Text had a net margin of 2.24% and a return on equity of 22.99%. Research analysts forecast that Open Text Co. will post 4.14 EPS for the current year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Friday, March 1st were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, February 29th. This represents a $1.00 annualized dividend and a yield of 2.77%. Open Text’s dividend payout ratio is presently 212.77%.

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.