Livforsakringsbolaget Skandia Omsesidigt Makes New $2.81 Million Investment in Open Text Co. (NASDAQ:OTEX)

Livforsakringsbolaget Skandia Omsesidigt purchased a new position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the fourth quarter, Holdings Channel reports. The fund purchased 99,300 shares of the software maker’s stock, valued at approximately $2,810,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of OTEX. Blue Trust Inc. raised its stake in shares of Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after buying an additional 793 shares in the last quarter. Cromwell Holdings LLC raised its stake in shares of Open Text by 29.6% in the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after buying an additional 380 shares in the last quarter. Essex LLC bought a new stake in shares of Open Text in the 3rd quarter worth $210,000. Net Worth Advisory Group bought a new stake in shares of Open Text in the 3rd quarter worth $226,000. Finally, NBC Securities Inc. acquired a new stake in shares of Open Text during the third quarter worth $278,000. Institutional investors own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on OTEX. Barclays dropped their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Royal Bank of Canada cut Open Text from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $45.00 to $33.00 in a report on Friday, November 1st. TD Securities decreased their price target on Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday. BMO Capital Markets reduced their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research report on Friday, November 1st. Finally, UBS Group initiated coverage on Open Text in a research note on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective on the stock. Nine equities research 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 stock presently has an average rating of “Hold” and an average price target of $35.27.

Open Text Trading Down 2.8 %

Open Text stock opened at $29.53 on Friday. Open Text Co. has a 52 week low of $26.84 and a 52 week high of $42.17. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market capitalization of $7.79 billion, a P/E ratio of 17.07 and a beta of 1.12. The stock has a 50-day simple moving average of $28.92 and a 200 day simple moving average of $30.65.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 24.34% and a net margin of 8.35%. Analysts expect that Open Text Co. will post 3.37 earnings per share for the current year.

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.