Bridgewater Associates LP Makes New $1.26 Million Investment in Open Text Co. (NASDAQ:OTEX)

Bridgewater Associates LP bought a new position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 37,726 shares of the software maker’s stock, valued at approximately $1,257,000.

Other hedge funds have also added to or reduced their stakes in the company. Ridgewood Investments LLC bought a new position in Open Text in the 2nd quarter worth about $30,000. Blue Trust Inc. lifted its position in Open Text by 435.7% during the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after acquiring an additional 793 shares during the last quarter. Kimelman & Baird LLC purchased a new stake in Open Text during the second quarter valued at approximately $36,000. Cromwell Holdings LLC lifted its position in 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 acquiring an additional 380 shares during the last quarter. Finally, Essex LLC purchased a new position in shares of Open Text in the third quarter worth $210,000. 70.37% of the stock is currently owned by institutional investors.

Open Text Trading Down 0.5 %

Shares of OTEX stock opened at $30.43 on Monday. 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 stock has a market cap of $8.09 billion, a P/E ratio of 17.59 and a beta of 1.13. Open Text Co. has a fifty-two week low of $27.50 and a fifty-two week high of $45.47. The business has a fifty day simple moving average of $31.70 and a 200-day simple moving average of $31.02.

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

Open Text Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts have issued reports on OTEX shares. Citigroup decreased their price target on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 1st. Scotiabank dropped their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research report on Friday, November 1st. Royal Bank of Canada lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $45.00 to $33.00 in a research report on Friday, November 1st. BMO Capital Markets decreased their price target on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research note on Friday, November 1st. Finally, TD Securities reduced their target price on shares of Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $35.90.

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.