StockNews.com Begins Coverage on Open Text (NASDAQ:OTEX)

StockNews.com started coverage on shares of Open Text (NASDAQ:OTEX – Get Rating) (TSE:OTC) in a report issued on Thursday. The brokerage issued a strong-buy rating on the software maker’s stock.

Separately, Citigroup lifted their price objective on shares of Open Text from $33.00 to $35.00 and gave the stock a neutral rating in a report on Monday, February 6th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Open Text presently has an average rating of Moderate Buy and an average price target of $44.71.

Open Text Price Performance

OTEX opened at $36.68 on Thursday. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.31 and a quick ratio of 2.31. The company has a market capitalization of $9.92 billion, a price-to-earnings ratio of 30.82 and a beta of 1.04. The firm’s fifty day moving average price is $34.25 and its two-hundred day moving average price is $30.58. Open Text has a 1 year low of $24.91 and a 1 year high of $44.10.

Open Text Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 23rd. Investors of record on Friday, March 3rd will be issued a $0.243 dividend. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Thursday, March 2nd. Open Text’s dividend payout ratio (DPR) is currently 81.51%.

Hedge Funds Weigh In On Open Text

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its stake in Open Text by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 418,847 shares of the software maker’s stock valued at $17,759,000 after acquiring an additional 7,288 shares during the period. Sei Investments Co. raised its position in shares of Open Text by 14.1% in the first quarter. Sei Investments Co. now owns 213,916 shares of the software maker’s stock valued at $9,073,000 after purchasing an additional 26,359 shares during the period. Aviva PLC purchased a new stake in shares of Open Text during the 1st quarter valued at approximately $1,925,000. Canada Pension Plan Investment Board boosted its holdings in Open Text by 34.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 309,399 shares of the software maker’s stock worth $13,131,000 after buying an additional 79,800 shares during the period. Finally, Vanguard Group Inc. grew its stake in Open Text by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 9,079,999 shares of the software maker’s stock valued at $384,993,000 after buying an additional 262,200 shares in the last quarter. 63.93% of the stock is owned by hedge funds and other institutional investors.

Open Text Company Profile

(Get Rating)

Open Text Corp. engages in the design, development, marketing and sales of enterprise information management software and solutions. It includes customer experience management (CEM), digital process automation, business network, and enterprise content management, discovery, security, and artificial intelligence (AI) and analytics solutions.