AustralianSuper Pty Ltd Invests $8.01 Million in Open Text Co. (NASDAQ:OTEX)

AustralianSuper Pty Ltd bought a new position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the 3rd quarter, HoldingsChannel reports. The institutional investor bought 240,683 shares of the software maker’s stock, valued at approximately $8,011,000.

Several other hedge funds have also recently bought and sold shares of the company. JARISLOWSKY FRASER Ltd grew its stake in shares of Open Text by 5.1% in the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock worth $471,415,000 after acquiring an additional 767,822 shares in the last quarter. Vanguard Group Inc. increased its holdings in Open Text by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock worth $401,693,000 after purchasing an additional 135,812 shares during the period. The Manufacturers Life Insurance Company raised its position in Open Text by 25.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker’s stock valued at $167,277,000 after purchasing an additional 1,118,479 shares in the last quarter. Cooke & Bieler LP boosted its stake in shares of Open Text by 18.6% in the 2nd quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker’s stock valued at $166,325,000 after buying an additional 867,978 shares during the period. Finally, National Bank of Canada FI boosted its stake in shares of Open Text by 17.5% in the 2nd quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker’s stock valued at $120,390,000 after buying an additional 599,790 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Price Performance

Shares of NASDAQ OTEX traded down $3.94 during midday trading on Thursday, hitting $29.84. The company had a trading volume of 413,808 shares, compared to its average volume of 627,540. The business has a 50-day simple moving average of $32.84 and a two-hundred day simple moving average of $31.63. The firm has a market capitalization of $7.92 billion, a price-to-earnings ratio of 18.35 and a beta of 1.12. Open Text Co. has a twelve month low of $27.50 and a twelve month high of $45.47. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.41 billion. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The company’s quarterly revenue was down 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.79 earnings per share. Equities research analysts anticipate that Open Text Co. will post 3.23 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on OTEX shares. Citigroup raised their target price on shares of Open Text from $32.00 to $34.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. Barclays dropped their price objective on Open Text from $38.00 to $36.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. BMO Capital Markets reduced their target price on Open Text from $38.00 to $33.00 and set a “market perform” rating for the company in a report on Friday, August 2nd. Jefferies Financial Group cut their price target on Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, National Bankshares downgraded Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective for the company. in a report on Friday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Open Text currently has a consensus rating of “Hold” and an average target price of $38.89.

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.