Seven Eight Capital LP Invests $622,000 in Open Text Co. (NASDAQ:OTEX)

Seven Eight Capital LP purchased a new position in shares of Open Text Co. (NASDAQ:OTEXFree Report) (TSE:OTC) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 14,797 shares of the software maker’s stock, valued at approximately $622,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Letko Brosseau & Associates Inc. increased its stake in shares of Open Text by 11.9% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 2,863,290 shares of the software maker’s stock worth $120,929,000 after acquiring an additional 304,677 shares during the period. Norges Bank acquired a new position in shares of Open Text during the fourth quarter worth about $139,600,000. Beutel Goodman & Co Ltd. increased its stake in shares of Open Text by 9.9% during the fourth quarter. Beutel Goodman & Co Ltd. now owns 8,661,252 shares of the software maker’s stock worth $365,800,000 after acquiring an additional 782,885 shares during the period. Vanguard Group Inc. grew its position in Open Text by 1.6% during 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 during the period. Finally, Vontobel Holding Ltd. grew its position in Open Text by 182.1% during the fourth quarter. Vontobel Holding Ltd. now owns 37,176 shares of the software maker’s stock worth $1,563,000 after buying an additional 24,000 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Stock Performance

Shares of OTEX opened at $28.27 on Tuesday. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40. The company has a market capitalization of $7.71 billion, a price-to-earnings ratio of 45.60 and a beta of 1.11. The company’s 50 day simple moving average is $32.64 and its 200 day simple moving average is $37.69. Open Text Co. has a 1 year low of $27.54 and a 1 year high of $45.47.

Open Text (NASDAQ:OTEXGet Free Report) (TSE:OTC) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.03. The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.43 billion. Open Text had a net margin of 2.85% and a return on equity of 24.45%. On average, sell-side analysts predict that Open Text Co. will post 3.79 EPS for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.435 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.74 dividend on an annualized basis and a yield of 6.15%. This is an increase from Open Text’s previous quarterly dividend of $0.25. Open Text’s dividend payout ratio (DPR) is currently 159.68%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on OTEX shares. StockNews.com upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research report on Saturday, May 11th. Jefferies Financial Group lowered their target price on shares of Open Text from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Raymond James lowered their price target on shares of Open Text from $55.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. Citigroup lowered their price target on shares of Open Text from $42.00 to $37.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Finally, BMO Capital Markets lowered shares of Open Text from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $50.00 to $38.00 in a research report on Friday, May 3rd. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $42.25.

Check Out Our Latest Report on OTEX

About Open Text

(Free Report)

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.

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Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

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