AustralianSuper Pty Ltd Buys 165,836 Shares of Open Text Corporation $OTEX

AustralianSuper Pty Ltd raised its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 55.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 463,882 shares of the software maker’s stock after purchasing an additional 165,836 shares during the quarter. AustralianSuper Pty Ltd owned 0.18% of Open Text worth $13,563,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of OTEX. Cromwell Holdings LLC lifted its position in Open Text by 27.4% during the second quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock valued at $48,000 after purchasing an additional 352 shares during the last quarter. Headlands Technologies LLC lifted its position in Open Text by 360.6% during the first quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker’s stock valued at $73,000 after purchasing an additional 2,261 shares during the last quarter. United Services Automobile Association bought a new stake in Open Text during the first quarter valued at approximately $213,000. Ridgewood Investments LLC lifted its position in Open Text by 593.1% during the first quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker’s stock valued at $219,000 after purchasing an additional 7,414 shares during the last quarter. Finally, Callan Family Office LLC purchased a new position in shares of Open Text during the second quarter worth approximately $250,000. 70.37% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on OTEX. Wall Street Zen raised shares of Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Open Text in a research note on Wednesday, October 8th. Barclays lifted their price target on shares of Open Text from $33.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 21st. National Bank Financial raised shares of Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Monday, September 15th. Finally, Jefferies Financial Group downgraded shares of Open Text from a “buy” rating to a “hold” rating and set a $33.00 price target on the stock. in a research note on Tuesday, August 12th. Three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $38.08.

Open Text Stock Up 0.1%

Shares of NASDAQ OTEX opened at $39.38 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. Open Text Corporation has a 52 week low of $22.79 and a 52 week high of $39.90. The firm’s fifty day moving average is $36.31 and its 200 day moving average is $31.09. The company has a market cap of $9.92 billion, a price-to-earnings ratio of 23.87 and a beta of 1.17.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 7th. The software maker reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.11. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the previous year, the firm earned $0.98 EPS. The company’s quarterly revenue was down 3.8% compared to the same quarter last year. On average, equities research analysts expect that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were issued a dividend of $0.275 per share. This is a boost from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.8%. Open Text’s dividend payout ratio (DPR) is presently 66.67%.

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.