Parallel Advisors LLC Raises Stock Position in Open Text Co. (NASDAQ:OTEX)

Parallel Advisors LLC increased its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 219.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,938 shares of the software maker’s stock after acquiring an additional 1,331 shares during the quarter. Parallel Advisors LLC’s holdings in Open Text were worth $49,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. IFP Advisors Inc increased its holdings in Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after acquiring an additional 515 shares in the last quarter. Versant Capital Management Inc purchased a new stake in Open Text in the 1st quarter worth $26,000. Blue Trust Inc. increased its holdings in Open Text by 40.8% in the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after acquiring an additional 398 shares in the last quarter. Aquatic Capital Management LLC purchased a new stake in Open Text in the 4th quarter worth $60,000. Finally, Generali Asset Management SPA SGR purchased a new stake in Open Text in the 4th quarter worth $62,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Trading Down 1.8%

Shares of OTEX stock opened at $27.89 on Monday. The company’s 50-day moving average price is $26.67 and its 200-day moving average price is $27.57. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. The stock has a market cap of $7.22 billion, a price-to-earnings ratio of 11.34 and a beta of 1.13. Open Text Co. has a twelve month low of $22.79 and a twelve month high of $34.20.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.01. The firm had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a net margin of 12.21% and a return on equity of 23.23%. The company’s revenue was down 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS. As a group, equities analysts predict that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be given a $0.2625 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.05 dividend on an annualized basis and a yield of 3.76%. Open Text’s payout ratio is currently 42.86%.

Wall Street Analysts Forecast Growth

OTEX has been the topic of several recent research reports. Wall Street Zen raised shares of Open Text from a “hold” rating to a “buy” rating in a research note on Tuesday, May 13th. Citigroup lifted their target price on shares of Open Text from $29.00 to $43.00 and gave the stock a “negative” rating in a research note on Friday, May 2nd. CIBC lowered their target price on shares of Open Text from $33.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday, May 2nd. Scotiabank lowered their target price on shares of Open Text from $35.00 to $30.00 and set a “sector perform” rating on the stock in a research note on Monday, April 28th. Finally, Barclays lowered their target price on shares of Open Text from $36.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Monday, April 21st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Open Text presently has a consensus rating of “Hold” and a consensus price target of $32.30.

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.