Forsta AP Fonden Acquires 1,900 Shares of Open Text Co. (NASDAQ:OTEX)

Forsta AP Fonden boosted its holdings in Open Text Co. (NASDAQ:OTEXGet Rating) (TSE:OTC) by 7.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 27,800 shares of the software maker’s stock after purchasing an additional 1,900 shares during the quarter. Forsta AP Fonden’s holdings in Open Text were worth $1,049,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in OTEX. Truist Financial Corp increased its holdings in Open Text by 182.0% in the first quarter. Truist Financial Corp now owns 22,366 shares of the software maker’s stock worth $948,000 after purchasing an additional 14,436 shares in the last quarter. Comerica Bank grew its stake in Open Text by 9.4% in the first quarter. Comerica Bank now owns 9,492 shares of the software maker’s stock valued at $404,000 after acquiring an additional 815 shares during the period. SG Americas Securities LLC acquired a new stake in Open Text in the first quarter valued at approximately $113,000. Metis Global Partners LLC acquired a new stake in Open Text in the first quarter valued at approximately $422,000. Finally, Envestnet Asset Management Inc. grew its stake in Open Text by 3.5% in the first quarter. Envestnet Asset Management Inc. now owns 311,496 shares of the software maker’s stock valued at $13,207,000 after acquiring an additional 10,408 shares during the period. 68.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

OTEX has been the topic of several analyst reports. CIBC cut Open Text from a “sector outperform” rating to a “neutral” rating and cut their target price for the company from $51.00 to $44.00 in a research report on Friday, August 26th. StockNews.com assumed coverage on Open Text in a research note on Wednesday, October 12th. They set a “buy” rating on the stock. TheStreet cut Open Text from a “b-” rating to a “c+” rating in a research report on Wednesday, August 31st. BMO Capital Markets reduced their target price on Open Text from $43.00 to $34.00 and set an “outperform” rating for the company in a research report on Friday, November 4th. Finally, Citigroup reduced their target price on Open Text from $34.00 to $30.00 in a research report on Friday, November 4th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.75.

Open Text Stock Performance

Shares of OTEX stock opened at $28.97 on Monday. The stock has a market capitalization of $7.83 billion, a PE ratio of 52.67 and a beta of 1.02. Open Text Co. has a 1-year low of $24.91 and a 1-year high of $52.65. The business has a 50-day moving average of $27.97 and a 200 day moving average of $34.41. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42 and a quick ratio of 1.42.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 22nd. Investors of record on Friday, December 2nd will be issued a dividend of $0.243 per share. The ex-dividend date is Thursday, December 1st. This is a boost from Open Text’s previous quarterly dividend of $0.24. This represents a $0.97 annualized dividend and a yield of 3.36%. Open Text’s dividend payout ratio is currently 176.37%.

Open Text Company Profile

(Get Rating)

Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; security and protection solutions for defending against cyber threats, and preparing for business continuity and response in the event of a breach; digital investigation and forensic security solutions; OpenText security solutions to address information cyber resilience needs; Carbonite and Webroot products; and OpenText Information Management software platform.

Further Reading

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Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

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