Prudential PLC Makes New Investment in Open Text Co. (NASDAQ:OTEX)

Prudential PLC purchased a new stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 9,324 shares of the software maker’s stock, valued at approximately $264,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Stifel Financial Corp purchased a new position in Open Text in the 3rd quarter worth approximately $2,232,000. Choreo LLC purchased a new position in Open Text in the fourth quarter worth $564,000. BNP Paribas Financial Markets increased its stake in Open Text by 3.3% in the third quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock valued at $369,000 after acquiring an additional 351 shares during the last quarter. Franklin Resources Inc. raised its position in Open Text by 19.9% during the third quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker’s stock valued at $7,086,000 after purchasing an additional 34,135 shares in the last quarter. Finally, Canoe Financial LP lifted its stake in Open Text by 127.3% during the fourth quarter. Canoe Financial LP now owns 150,000 shares of the software maker’s stock worth $4,242,000 after purchasing an additional 84,000 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Trading Up 0.7 %

OTEX opened at $23.20 on Wednesday. The firm has a market capitalization of $6.10 billion, a price-to-earnings ratio of 9.43 and a beta of 1.13. Open Text Co. has a one year low of $22.79 and a one year high of $37.39. The business has a 50 day simple moving average of $26.70 and a two-hundred day simple moving average of $29.07. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87.

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

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were paid a $0.2625 dividend. 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 yield of 4.53%. The ex-dividend date was Friday, March 7th. Open Text’s dividend payout ratio is presently 42.68%.

Wall Street Analyst Weigh In

OTEX has been the topic of a number of research reports. StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Barclays upped their price objective on shares of Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. TD Securities decreased their target price on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Sunday, February 9th. Citigroup upped their price target on shares of Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Finally, UBS Group initiated coverage on Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective on the stock. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $35.18.

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.