Aquatic Capital Management LLC Invests $60,000 in Open Text Co. (NASDAQ:OTEX)

Aquatic Capital Management LLC acquired a new position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 2,111 shares of the software maker’s stock, valued at approximately $60,000.

Several other institutional investors also recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Open Text during the fourth quarter valued at approximately $93,216,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Open Text by 75.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker’s stock valued at $169,555,000 after buying an additional 2,586,549 shares during the last quarter. Brandes Investment Partners LP raised its stake in shares of Open Text by 29.2% in the fourth quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker’s stock worth $127,557,000 after acquiring an additional 1,017,065 shares during the last quarter. First Trust Advisors LP lifted its holdings in Open Text by 9.5% during the 4th quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker’s stock worth $205,925,000 after buying an additional 632,437 shares in the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC lifted its stake in shares of Open Text by 84.3% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,297,772 shares of the software maker’s stock valued at $36,738,000 after acquiring an additional 593,447 shares during the period. 70.37% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on OTEX. National Bankshares cut their price objective on shares of Open Text from $38.00 to $34.00 and set a “sector perform” rating on the stock in a report on Friday, April 25th. StockNews.com cut Open Text from a “buy” rating to a “hold” rating in a report on Monday. UBS Group reduced their target price on shares of Open Text from $32.00 to $28.00 and set a “neutral” rating for the company in a research note on Friday, May 2nd. Scotiabank decreased their price target on shares of Open Text from $35.00 to $30.00 and set a “sector perform” rating for the company in a research note on Monday, April 28th. Finally, CIBC lowered their target price on Open Text from $33.00 to $31.00 and set a “neutral” rating on the stock in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $32.30.

Open Text Stock Down 0.5 %

NASDAQ OTEX opened at $26.68 on Wednesday. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. Open Text Co. has a fifty-two week low of $22.79 and a fifty-two week high of $34.20. The stock has a market capitalization of $6.93 billion, a PE ratio of 10.85 and a beta of 1.15. The business has a fifty day moving average price of $25.74 and a two-hundred day moving average price of $28.01.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Wednesday, April 30th. The software maker reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. Open Text had a net margin of 12.21% and a return on equity of 23.23%. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the firm earned $0.94 EPS. The firm’s revenue was down 13.3% compared to the same quarter last year. Equities analysts expect that Open Text Co. will post 3.45 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date is Friday, June 6th. Open Text’s payout ratio is 42.86%.

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.