Sei Investments Co. Purchases New Shares in Open Text Co. (NASDAQ:OTEX)

Sei Investments Co. acquired a new position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 160,758 shares of the software maker’s stock, valued at approximately $4,829,000. Sei Investments Co. owned approximately 0.06% of Open Text at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of OTEX. Optiver Holding B.V. purchased a new stake in Open Text in the 4th quarter worth about $27,000. Ridgewood Investments LLC purchased a new stake in Open Text in the 2nd quarter worth about $30,000. Headlands Technologies LLC purchased a new stake in Open Text in the 1st quarter worth about $32,000. UniSuper Management Pty Ltd lifted its stake in Open Text by 105.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 3,900 shares of the software maker’s stock worth $151,000 after acquiring an additional 2,000 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in Open Text by 27.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,692 shares of the software maker’s stock worth $197,000 after acquiring an additional 1,023 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OTEX has been the subject of a number of recent research reports. Citigroup raised their price target on Open Text from $32.00 to $34.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. Jefferies Financial Group cut their price target on Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. CIBC cut their price target on Open Text from $36.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, July 19th. Barclays cut their price target on Open Text from $38.00 to $36.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. Finally, National Bankshares downgraded Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price target for the company. in a research note on Friday, August 2nd. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $38.80.

Open Text Stock Down 1.4 %

Shares of OTEX stock opened at $32.82 on Wednesday. The company has a market capitalization of $8.86 billion, a price-to-earnings ratio of 52.94 and a beta of 1.11. The stock’s 50 day simple moving average is $31.63 and its 200 day simple moving average is $32.30. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.81 and a current ratio of 0.81. Open Text Co. has a twelve month low of $27.50 and a twelve month high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The company’s revenue was down 8.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.79 EPS. As a group, research analysts predict that Open Text Co. will post 3.23 EPS for the current year.

Open Text Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were issued a $0.192 dividend. This represents a $0.77 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date was Friday, August 30th. Open Text’s dividend payout ratio (DPR) is currently 169.35%.

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.