Open Text Co. (NASDAQ:OTEX) Shares Purchased by Farther Finance Advisors LLC

Farther Finance Advisors LLC lifted its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 15.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,041 shares of the software maker’s stock after acquiring an additional 1,340 shares during the period. Farther Finance Advisors LLC’s holdings in Open Text were worth $284,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in OTEX. Cooke & Bieler LP increased its position in shares of Open Text by 6.6% in the 4th quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker’s stock valued at $178,670,000 after acquiring an additional 389,220 shares during the period. Toronto Dominion Bank grew its position in Open Text by 169.6% during the 3rd quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker’s stock worth $19,173,000 after purchasing an additional 362,422 shares during the period. Andra AP fonden grew its position in Open Text by 386.5% during the 4th quarter. Andra AP fonden now owns 267,600 shares of the software maker’s stock worth $7,578,000 after purchasing an additional 212,600 shares during the period. Raymond James Financial Inc. acquired a new stake in Open Text during the 4th quarter worth about $3,572,000. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in Open Text during the 4th quarter worth about $2,810,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Trading Up 0.3 %

Shares of Open Text stock opened at $26.09 on Wednesday. The firm has a market capitalization of $6.89 billion, a PE ratio of 10.61 and a beta of 1.17. Open Text Co. has a twelve month low of $24.86 and a twelve month high of $40.55. The firm’s 50-day moving average price is $27.59 and its 200 day moving average price is $29.79. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. On average, sell-side analysts predict that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The firm 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 $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a yield of 4.02%. This is a positive change from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, March 7th. Open Text’s dividend payout ratio (DPR) is 42.68%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on OTEX. Citigroup increased their price target on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. UBS Group began coverage on Open Text in a research report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price target on the stock. Barclays increased their price target on Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. TD Securities lowered their target price on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Sunday, February 9th. Finally, Royal Bank of Canada lowered their target price on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research note on Friday, February 7th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $35.18.

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.