Canoe Financial LP Purchases 84,000 Shares of Open Text Co. (NASDAQ:OTEX)

Canoe Financial LP lifted its position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 127.3% during the fourth quarter, HoldingsChannel reports. The firm owned 150,000 shares of the software maker’s stock after buying an additional 84,000 shares during the quarter. Canoe Financial LP’s holdings in Open Text were worth $4,242,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in OTEX. American Century Companies Inc. grew its position in shares of Open Text by 13.6% in the 2nd quarter. American Century Companies Inc. now owns 92,871 shares of the software maker’s stock valued at $2,789,000 after purchasing an additional 11,127 shares during the period. Dimensional Fund Advisors LP lifted its stake in Open Text by 6.1% in the second quarter. Dimensional Fund Advisors LP now owns 787,619 shares of the software maker’s stock valued at $23,660,000 after buying an additional 45,380 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Open Text by 5.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker’s stock valued at $524,000 after buying an additional 874 shares during the period. XTX Topco Ltd bought a new stake in shares of Open Text during the second quarter worth $778,000. Finally, MQS Management LLC acquired a new stake in shares of Open Text during the second quarter worth $252,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Performance

NASDAQ OTEX opened at $27.78 on Friday. The firm’s fifty day moving average price is $29.03 and its two-hundred day moving average price is $30.84. Open Text Co. has a 1 year low of $26.84 and a 1 year high of $45.47. The firm has a market capitalization of $7.35 billion, a P/E ratio of 16.06 and a beta of 1.12. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. Open Text’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 EPS. As a group, research analysts anticipate that Open Text Co. will post 3.37 EPS for the current year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, November 29th were paid a dividend of $0.262 per share. This is an increase from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 annualized dividend and a dividend yield of 3.77%. The ex-dividend date was Friday, November 29th. Open Text’s payout ratio is currently 60.69%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Barclays reduced their target price on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. TD Securities decreased their price objective on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a report on Monday, December 30th. Citigroup dropped their target price on Open Text from $33.00 to $30.00 and set a “neutral” rating on the stock in a research report on Thursday. Royal Bank of Canada downgraded Open Text from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $45.00 to $33.00 in a research report on Friday, November 1st. Finally, Scotiabank lowered their price objective on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $35.27.

Open Text Company 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.