NorthCrest Asset Manangement LLC Raises Stock Position in Open Text Co. (NASDAQ:OTEX)

NorthCrest Asset Manangement LLC grew its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 3.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 95,604 shares of the software maker’s stock after buying an additional 2,834 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Open Text were worth $2,872,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Open Text by 1.3% during the first quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock worth $401,693,000 after buying an additional 135,812 shares during the period. FIL Ltd boosted its stake in shares of Open Text by 25.7% during the 4th quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock worth $380,696,000 after purchasing an additional 1,853,891 shares during the period. Beutel Goodman & Co Ltd. raised its position in Open Text by 9.9% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 8,661,252 shares of the software maker’s stock worth $365,800,000 after purchasing an additional 782,885 shares during the period. First Trust Advisors LP boosted its position in shares of Open Text by 1.1% during the fourth quarter. First Trust Advisors LP now owns 6,965,317 shares of the software maker’s stock valued at $292,817,000 after buying an additional 74,481 shares during the period. Finally, Cooke & Bieler LP boosted its position in shares of Open Text by 4.2% during the fourth quarter. Cooke & Bieler LP now owns 4,767,848 shares of the software maker’s stock valued at $200,345,000 after buying an additional 191,292 shares during the period. Institutional investors own 70.37% of the company’s stock.

Open Text Stock Up 1.0 %

Open Text stock traded up $0.31 during trading hours on Wednesday, reaching $31.05. The stock had a trading volume of 93,322 shares, compared to its average volume of 668,321. The company has a market cap of $8.32 billion, a price-to-earnings ratio of 49.58 and a beta of 1.12. The business’s 50 day moving average price is $30.06 and its 200-day moving average price is $34.17. Open Text Co. has a 52 week low of $27.50 and a 52 week high of $45.47. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.81 and a quick ratio of 0.81.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the firm earned $0.79 EPS. The company’s quarterly revenue was down 8.6% compared to the same quarter last year. Sell-side analysts anticipate that Open Text Co. will post 3.18 EPS for the current year.

Open Text Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.192 per share. The ex-dividend date is Friday, August 30th. This represents a $0.77 annualized dividend and a dividend yield of 2.47%. Open Text’s dividend payout ratio is presently 161.29%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on OTEX. National Bank Financial lowered Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. Jefferies Financial Group lowered their target price 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. National Bankshares downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price on the stock. in a research note on Friday, August 2nd. Barclays decreased their target price on Open Text from $38.00 to $36.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Finally, BMO Capital Markets decreased their price objective on Open Text from $38.00 to $33.00 and set a “market perform” rating for the company in a report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $38.60.

About Open Text

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.