Access Investment Management LLC Buys 2,785 Shares of Open Text Co. (NASDAQ:OTEX)

Access Investment Management LLC raised its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 1.4% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 198,355 shares of the software maker’s stock after acquiring an additional 2,785 shares during the period. Open Text makes up approximately 1.6% of Access Investment Management LLC’s holdings, making the stock its 22nd biggest position. Access Investment Management LLC owned approximately 0.08% of Open Text worth $5,617,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Toronto Dominion Bank lifted its stake in shares of Open Text by 169.6% in the 3rd quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker’s stock worth $19,173,000 after purchasing an additional 362,422 shares during the period. Crossmark Global Holdings Inc. lifted its stake in shares of Open Text by 1,290.4% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 336,790 shares of the software maker’s stock worth $11,209,000 after purchasing an additional 312,567 shares during the period. AustralianSuper Pty Ltd bought a new position in shares of Open Text in the 3rd quarter worth approximately $8,011,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Open Text by 28,811.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 127,210 shares of the software maker’s stock worth $4,239,000 after purchasing an additional 126,770 shares during the period. Finally, Forsta AP Fonden lifted its stake in shares of Open Text by 157.8% in the 3rd quarter. Forsta AP Fonden now owns 198,500 shares of the software maker’s stock worth $6,615,000 after purchasing an additional 121,500 shares during the period. Institutional investors own 70.37% of the company’s stock.

Open Text Trading Down 2.3 %

Shares of OTEX stock opened at $26.83 on Friday. 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 capitalization of $7.08 billion, a price-to-earnings ratio of 10.91 and a beta of 1.12. Open Text Co. has a 12-month low of $26.81 and a 12-month high of $40.55. The stock’s 50-day moving average price is $28.36 and its 200-day moving average price is $30.46.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. Equities research analysts predict that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be paid a $0.2625 dividend. This is a boost from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date is Friday, March 7th. Open Text’s dividend payout ratio (DPR) is presently 42.68%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Barclays increased their price objective on shares of Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. Royal Bank of Canada reduced their target price on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. TD Securities reduced their target price on shares of Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a report on Sunday, February 9th. UBS Group initiated coverage on shares of Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 target price for the company. Finally, BMO Capital Markets reduced their target price on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a report on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $35.18.

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.