O Shaughnessy Asset Management LLC Raises Holdings in Open Text Co. (NASDAQ:OTEX)

O Shaughnessy Asset Management LLC lifted its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 27.2% in the fourth quarter, Holdings Channel reports. The firm owned 49,241 shares of the software maker’s stock after acquiring an additional 10,534 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Open Text were worth $1,392,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. IFP Advisors Inc boosted its holdings in shares of Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock valued at $29,000 after acquiring an additional 515 shares during the period. Blue Trust Inc. boosted its stake in Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after purchasing an additional 398 shares during the period. Generali Asset Management SPA SGR purchased a new position in Open Text during the 4th quarter worth $62,000. Allworth Financial LP increased its stake in Open Text by 20.7% in the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after purchasing an additional 439 shares during the period. Finally, CIBC Private Wealth Group LLC purchased a new stake in shares of Open Text in the fourth quarter valued at about $105,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Trading Down 2.9 %

Shares of Open Text stock opened at $24.13 on Friday. The company has a 50-day moving average of $27.05 and a two-hundred day moving average of $29.26. The stock has a market cap of $6.34 billion, a PE ratio of 9.81 and a beta of 1.13. 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 Co. has a 12-month low of $23.43 and a 12-month high of $37.77.

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

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were given a dividend of $0.2625 per share. This is an increase from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a dividend yield of 4.35%. The ex-dividend date was Friday, March 7th. Open Text’s payout ratio is currently 42.68%.

Wall Street Analysts Forecast Growth

OTEX has been the topic of several recent research reports. StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. TD Securities dropped their target price on Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Sunday, February 9th. Barclays increased their price target on Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. UBS Group assumed coverage on shares of Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective on the stock. Finally, Citigroup raised their target price on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Open Text has a consensus rating of “Hold” and a consensus price target 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.