PDT Partners LLC Makes New $3.25 Million Investment in Open Text Co. (NASDAQ:OTEX)

PDT Partners LLC bought a new position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 97,714 shares of the software maker’s stock, valued at approximately $3,252,000.

Other institutional investors also recently made changes to their positions in the company. Blue Trust Inc. boosted its position in shares of Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after purchasing an additional 793 shares in the last quarter. Ridgewood Investments LLC acquired a new position in shares of Open Text during the 2nd quarter worth $30,000. Kimelman & Baird LLC acquired a new position in shares of Open Text during the 2nd quarter worth $36,000. Cromwell Holdings LLC raised its stake in shares of Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after buying an additional 380 shares during the last quarter. Finally, Essex LLC acquired a new position in shares of Open Text during the 3rd quarter worth $210,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Barclays cut their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. Citigroup cut their price target on Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, November 1st. National Bank Financial downgraded Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. BMO Capital Markets cut their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research note on Friday, November 1st. Finally, 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 research note on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $35.90.

Open Text Trading Down 0.5 %

Shares of NASDAQ:OTEX opened at $30.43 on Friday. Open Text Co. has a fifty-two week low of $27.50 and a fifty-two week high of $45.47. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The company has a market cap of $8.09 billion, a PE ratio of 17.59 and a beta of 1.13. The company’s 50-day moving average price is $31.70 and its 200 day moving average price is $31.01.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.13. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The business’s revenue was down 11.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 earnings per share. Sell-side analysts anticipate that Open Text Co. will post 3.37 earnings per share for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be paid a dividend of $0.262 per share. This is a boost from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend is Friday, November 29th. Open Text’s payout ratio is currently 60.69%.

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.