Canoe Financial LP Acquires 16,585 Shares of Open Text Co. (NASDAQ:OTEX)

Canoe Financial LP boosted its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 33.6% in the third quarter, Holdings Channel.com reports. The fund owned 66,000 shares of the software maker’s stock after acquiring an additional 16,585 shares during the quarter. Canoe Financial LP’s holdings in Open Text were worth $2,184,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of OTEX. Ridgewood Investments LLC purchased a new position in shares of Open Text during the second quarter worth approximately $30,000. Headlands Technologies LLC bought a new position in shares of Open Text during the 1st quarter worth $32,000. Blue Trust Inc. increased its stake in shares of Open Text by 435.7% during the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after buying an additional 793 shares during the period. Kimelman & Baird LLC purchased a new position in shares of Open Text during the second quarter valued at $36,000. Finally, Cromwell Holdings LLC lifted its stake in Open Text by 29.6% in the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after acquiring an additional 380 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

Shares of OTEX opened at $33.28 on Monday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a 50-day moving average of $32.74 and a two-hundred day moving average of $31.67. The stock has a market cap of $8.98 billion, a P/E ratio of 53.68 and a beta of 1.12. Open Text Co. has a one year low of $27.50 and a one year high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.41 billion. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The business’s quarterly revenue was down 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.79 earnings per share. As a group, research analysts predict that Open Text Co. will post 3.23 EPS for the current year.

Open Text Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were issued a dividend of $0.192 per share. This represents a $0.77 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend was Friday, August 30th. Open Text’s dividend payout ratio (DPR) is presently 169.35%.

Wall Street Analysts Forecast Growth

OTEX has been the topic of a number of research reports. Barclays cut their target price on shares of Open Text from $38.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. BMO Capital Markets dropped their target price on Open Text from $38.00 to $33.00 and set a “market perform” rating on the stock in a research report on Friday, August 2nd. Citigroup boosted their price target on Open Text from $32.00 to $34.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. National Bankshares downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price for the company. in a report on Friday, August 2nd. Finally, Jefferies Financial Group reduced their price objective on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $38.89.

Open Text 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.