Raymond James Financial Inc. Buys Shares of 126,130 Open Text Co. (NASDAQ:OTEX)

Raymond James Financial Inc. bought a new stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 126,130 shares of the software maker’s stock, valued at approximately $3,572,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Choreo LLC purchased a new position in Open Text during the fourth quarter valued at $564,000. Franklin Resources Inc. boosted its stake in Open Text by 19.9% in the 3rd quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker’s stock worth $7,086,000 after purchasing an additional 34,135 shares in the last quarter. Canoe Financial LP grew its position in Open Text by 127.3% during the 4th quarter. Canoe Financial LP now owns 150,000 shares of the software maker’s stock valued at $4,242,000 after purchasing an additional 84,000 shares during the last quarter. Wedge Capital Management L L P NC bought a new stake in Open Text during the 4th quarter valued at about $2,372,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in Open Text by 30.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 166,476 shares of the software maker’s stock worth $4,705,000 after buying an additional 39,266 shares during the last quarter. 70.37% of the stock is owned by institutional investors.

Open Text Stock Up 0.5 %

Shares of OTEX stock opened at $27.00 on Monday. The company has a 50 day simple moving average of $25.76 and a two-hundred day simple moving average of $28.32. The stock has a market cap of $7.01 billion, a P/E ratio of 10.98 and a beta of 1.13. Open Text Co. has a 12 month low of $22.79 and a 12 month high of $36.05. 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 (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, beating 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%. On average, research analysts expect that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were given a $0.2625 dividend. This is a positive change from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.89%. The ex-dividend date of this dividend was Friday, March 7th. Open Text’s dividend payout ratio is presently 42.68%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on OTEX shares. StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. National Bankshares lowered their price target on Open Text from $38.00 to $34.00 and set a “sector perform” rating on the stock in a report on Friday. Citigroup lifted their price objective on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Barclays dropped their price target on shares of Open Text from $36.00 to $29.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. Finally, Royal Bank of Canada decreased their price objective on shares of Open Text from $31.00 to $30.00 and set a “sector perform” rating for the company in a report on Tuesday, April 22nd. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Open Text has a consensus rating of “Hold” and an average price target of $34.09.

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.