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

Access Investment Management LLC raised its position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 1.4% during the fourth quarter, HoldingsChannel reports. The fund owned 198,355 shares of the software maker’s stock after acquiring an additional 2,785 shares during the quarter. Open Text accounts for approximately 1.6% of Access Investment Management LLC’s investment portfolio, making the stock its 22nd largest holding. Access Investment Management LLC’s holdings in Open Text were worth $5,617,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in OTEX. Assenagon Asset Management S.A. grew its holdings in Open Text by 1.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker’s stock valued at $629,000 after purchasing an additional 322 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Open Text by 3.3% during the third quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock valued at $369,000 after buying an additional 351 shares during the period. Cromwell Holdings LLC grew its stake in shares of Open Text by 29.6% during the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after buying an additional 380 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after buying an additional 398 shares during the period. Finally, Allworth Financial LP raised its holdings in shares of Open Text by 20.7% in the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after buying an additional 439 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

OTEX has been the topic of several recent analyst reports. BMO Capital Markets reduced their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a report on Friday, November 1st. Scotiabank reduced their price target on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st. Citigroup increased their price target on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. UBS Group initiated coverage on Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price target on the stock. Finally, StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $35.18.

Open Text Trading Down 2.3 %

OTEX opened at $26.83 on Friday. Open Text Co. has a 52 week low of $26.81 and a 52 week high of $40.55. The stock’s fifty day moving average is $28.36 and its two-hundred day moving average is $30.46. The company has a market capitalization of $7.08 billion, a P/E ratio of 10.91 and a beta of 1.12. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, beating 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%. Analysts forecast that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be issued a $0.2625 dividend. The ex-dividend date is Friday, March 7th. This is an increase 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%. Open Text’s dividend payout ratio (DPR) is currently 42.68%.

Open Text 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.