Vest Financial LLC Takes $267,000 Position in Open Text Co. (NASDAQ:OTEX)

Vest Financial LLC bought a new position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 9,434 shares of the software maker’s stock, valued at approximately $267,000.

A number of other large investors have also added to or reduced their stakes in the business. Toronto Dominion Bank increased its holdings in shares of Open Text by 169.6% in the third quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker’s stock valued at $19,173,000 after purchasing an additional 362,422 shares during the last quarter. Crossmark Global Holdings Inc. raised its holdings in Open Text by 1,290.4% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 336,790 shares of the software maker’s stock valued at $11,209,000 after acquiring an additional 312,567 shares during the period. AustralianSuper Pty Ltd acquired a new stake in Open Text during the third quarter worth approximately $8,011,000. Access Investment Management LLC bought a new stake in shares of Open Text during the third quarter worth approximately $6,509,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Open Text by 28,811.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 127,210 shares of the software maker’s stock valued at $4,239,000 after purchasing an additional 126,770 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

OTEX has been the subject of several recent research reports. BMO Capital Markets reduced their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research note on Friday, November 1st. Barclays boosted their target price on shares of Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Friday. Royal Bank of Canada lowered their price target on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Friday. Citigroup boosted their price objective on shares of Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday. Finally, TD Securities dropped their price target on shares of Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Sunday. 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, the stock currently has a consensus rating of “Hold” and a consensus price target of $35.18.

Open Text Price Performance

Open Text stock opened at $27.86 on Monday. The stock has a fifty day moving average of $28.85 and a 200-day moving average of $30.61. The stock has a market capitalization of $7.35 billion, a P/E ratio of 11.33 and a beta of 1.12. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. Open Text Co. has a 52 week low of $26.84 and a 52 week high of $42.17.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.33%. On average, sell-side analysts expect that Open Text Co. will post 3.37 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be paid a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date is Friday, March 7th. This is a boost from Open Text’s previous quarterly dividend of $0.26. Open Text’s payout ratio is presently 42.68%.

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.