Russell Investments Group Ltd. increased its holdings in shares of Open Text Co. (NASDAQ:OTEX – Free Report) (TSE:OTC) by 161.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 493,191 shares of the software maker’s stock after acquiring an additional 304,830 shares during the quarter. Russell Investments Group Ltd. owned about 0.18% of Open Text worth $18,994,000 as of its most recent filing with the SEC.
A number of other hedge funds have also bought and sold shares of OTEX. National Bank of Canada FI grew its stake in Open Text by 5.2% during the first quarter. National Bank of Canada FI now owns 3,810,450 shares of the software maker’s stock worth $146,689,000 after buying an additional 187,154 shares in the last quarter. LSV Asset Management grew its stake in Open Text by 26.5% during the first quarter. LSV Asset Management now owns 4,300 shares of the software maker’s stock worth $166,000 after buying an additional 900 shares in the last quarter. Glassman Wealth Services grew its stake in Open Text by 133.3% during the fourth quarter. Glassman Wealth Services now owns 968 shares of the software maker’s stock worth $29,000 after buying an additional 553 shares in the last quarter. Easterly Investment Partners LLC grew its stake in Open Text by 295.2% during the first quarter. Easterly Investment Partners LLC now owns 399,188 shares of the software maker’s stock worth $15,389,000 after buying an additional 298,187 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its stake in Open Text by 56.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,096 shares of the software maker’s stock worth $92,000 after buying an additional 1,123 shares in the last quarter. 64.67% of the stock is owned by institutional investors.
Open Text Stock Up 0.3 %
NASDAQ:OTEX opened at $38.15 on Tuesday. The firm’s 50 day simple moving average is $40.86 and its 200 day simple moving average is $38.73. The company has a debt-to-equity ratio of 2.13, a current ratio of 0.71 and a quick ratio of 0.71. Open Text Co. has a one year low of $24.91 and a one year high of $43.25. The company has a market cap of $10.33 billion, a PE ratio of 68.13 and a beta of 1.04.
Open Text Cuts Dividend
Wall Street Analysts Forecast Growth
OTEX has been the topic of a number of analyst reports. StockNews.com upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research note on Wednesday, May 24th. BMO Capital Markets raised their price target on shares of Open Text from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Monday, August 7th. CIBC raised their price target on shares of Open Text from $41.00 to $42.00 and gave the company a “neutral” rating in a research note on Friday, August 4th. TD Securities raised their price target on shares of Open Text from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, May 5th. Finally, Citigroup raised their price target on shares of Open Text from $41.00 to $44.00 in a research note on Wednesday, June 21st. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $46.67.
View Our Latest Stock Analysis on Open Text
About Open Text
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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