Cerity Partners LLC Purchases Shares of 28,600 Open Text Co. (NASDAQ:OTEX)

Cerity Partners LLC bought a new position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 28,600 shares of the software maker’s stock, valued at approximately $1,202,000.

Several other hedge funds have also recently modified their holdings of the stock. Harris Associates L P lifted its holdings 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 buying an additional 177,600 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Open Text by 1.6% in the third quarter. Vanguard Group Inc. now owns 10,086,008 shares of the software maker’s stock worth $354,019,000 after buying an additional 154,240 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in Open Text by 889.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 4,614,154 shares of the software maker’s stock worth $177,919,000 after purchasing an additional 4,147,818 shares during the last quarter. Invesco Ltd. increased its position in Open Text by 2.8% in the first quarter. Invesco Ltd. now owns 3,953,806 shares of the software maker’s stock worth $167,642,000 after purchasing an additional 107,702 shares during the last quarter. Finally, Guardian Capital LP increased its position in Open Text by 5.8% in the third quarter. Guardian Capital LP now owns 3,020,005 shares of the software maker’s stock worth $106,482,000 after purchasing an additional 164,552 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Trading Up 0.9 %

OTEX stock opened at $35.05 on Monday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 2.10. Open Text Co. has a twelve month low of $32.04 and a twelve month high of $45.47. The stock has a market capitalization of $9.55 billion, a price-to-earnings ratio of 74.58 and a beta of 1.09. The firm’s fifty day simple moving average is $38.21 and its two-hundred day simple moving average is $38.76.

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

Open Text Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Friday, March 1st were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date was Thursday, February 29th. Open Text’s payout ratio is presently 212.77%.

Analysts Set New Price Targets

OTEX has been the topic of several research reports. CIBC boosted their price target on shares of Open Text from $42.00 to $44.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. Jefferies Financial Group initiated coverage on shares of Open Text in a research report on Tuesday, February 27th. They issued a “buy” rating and a $45.00 price target on the stock. Citigroup reduced their price target on shares of Open Text from $44.00 to $42.00 and set a “neutral” rating on the stock in a research report on Friday, March 22nd. BMO Capital Markets boosted their price target on shares of Open Text from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Finally, StockNews.com upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research report on Tuesday, February 6th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $46.25.

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.