Ridgewood Investments LLC bought a new stake in Open Text Co. (NASDAQ:OTEX – Free Report) (TSE:OTC) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,257 shares of the software maker’s stock, valued at approximately $48,000.
Several other large investors have also recently made changes to their positions in OTEX. DekaBank Deutsche Girozentrale raised its position in shares of Open Text by 20.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 73,671 shares of the software maker’s stock valued at $2,785,000 after buying an additional 12,387 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Open Text by 61.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 18,234 shares of the software maker’s stock worth $702,000 after purchasing an additional 6,918 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Open Text by 22.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 128,492 shares of the software maker’s stock worth $4,953,000 after purchasing an additional 23,432 shares during the last quarter. National Bank of Canada FI grew its position in shares of Open Text by 5.2% in the first quarter. National Bank of Canada FI now owns 3,810,450 shares of the software maker’s stock valued at $146,689,000 after purchasing an additional 187,154 shares in the last quarter. Finally, DGS Capital Management LLC acquired a new stake in shares of Open Text in the fourth quarter valued at approximately $837,000. 64.67% of the stock is currently owned by hedge funds and other institutional investors.
Open Text Trading Up 0.8 %
OTEX opened at $39.90 on Tuesday. Open Text Co. has a 52 week low of $24.91 and a 52 week high of $43.25. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 2.08. The business has a fifty day simple moving average of $41.00 and a 200-day simple moving average of $37.11. The firm has a market cap of $10.81 billion, a P/E ratio of 35.63 and a beta of 1.04.
Open Text Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, June 23rd. Investors of record on Friday, June 2nd were paid a dividend of $0.243 per share. This represents a $0.97 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend was Thursday, June 1st. Open Text’s payout ratio is currently 86.61%.
Analysts Set New Price Targets
Several analysts have issued reports on OTEX shares. TD Securities upped their target price on Open Text from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, May 5th. StockNews.com upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research report on Wednesday, May 24th. Citigroup boosted their target price on shares of Open Text from $41.00 to $44.00 in a report on Wednesday, June 21st. Barclays raised their price target on shares of Open Text from $41.00 to $43.00 in a report on Friday, May 5th. Finally, TheStreet lowered Open Text from a “b” rating to a “c+” rating in a research report on Thursday, May 4th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Open Text has a consensus rating of “Moderate Buy” and an average price target of $44.17.
Open Text Profile
Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; security and protection solutions for defending against cyber threats, and preparing for business continuity and response in the event of a breach; digital investigation and forensic security solutions; OpenText security solutions to address information cyber resilience needs; Carbonite and Webroot products; and OpenText Information Management software platform.
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