Wedge Capital Management L L P NC Boosts Stock Position in Open Text Co. (NASDAQ:OTEX)

Wedge Capital Management L L P NC grew its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 11.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 93,111 shares of the software maker’s stock after purchasing an additional 9,340 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Open Text were worth $2,352,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. JARISLOWSKY FRASER Ltd increased its holdings in Open Text by 11.8% during the fourth quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker’s stock worth $522,879,000 after buying an additional 1,957,695 shares during the last quarter. First Trust Advisors LP grew its position in shares of Open Text by 9.5% during the 4th quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker’s stock valued at $205,925,000 after acquiring an additional 632,437 shares during the period. Cooke & Bieler LP grew its position in shares of Open Text by 6.6% during the 4th quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker’s stock valued at $178,670,000 after acquiring an additional 389,220 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Open Text by 75.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker’s stock worth $169,555,000 after purchasing an additional 2,586,549 shares during the last quarter. Finally, Turtle Creek Asset Management Inc. raised its holdings in shares of Open Text by 2.1% in the 4th quarter. Turtle Creek Asset Management Inc. now owns 5,366,703 shares of the software maker’s stock worth $151,985,000 after purchasing an additional 109,550 shares during the period. 70.37% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on OTEX. Barclays decreased their target price on Open Text from $36.00 to $29.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. Scotiabank decreased their price objective on Open Text from $35.00 to $30.00 and set a “sector perform” rating for the company in a report on Monday, April 28th. Royal Bank of Canada lowered their price objective on Open Text from $31.00 to $30.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research report on Tuesday, May 13th. Finally, UBS Group lowered their price target on shares of Open Text from $32.00 to $28.00 and set a “neutral” rating on the stock in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $32.30.

Open Text Price Performance

Shares of NASDAQ:OTEX opened at $28.16 on Tuesday. The company has a 50 day moving average of $26.72 and a 200 day moving average of $27.56. 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 $7.29 billion, a P/E ratio of 11.45 and a beta of 1.13. Open Text Co. has a 12 month low of $22.79 and a 12 month high of $34.20.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Wednesday, April 30th. The software maker reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.28 billion. Open Text had a net margin of 12.21% and a return on equity of 23.23%. The business’s revenue for the quarter was down 13.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.94 EPS. As a group, sell-side analysts forecast that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be given a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a yield of 3.73%. The ex-dividend date of this dividend is Friday, June 6th. Open Text’s payout ratio is 42.86%.

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.