Easterly Investment Partners LLC Buys 26,841 Shares of Open Text Co. (NASDAQ:OTEX)

Easterly Investment Partners LLC increased its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 5.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 509,800 shares of the software maker’s stock after purchasing an additional 26,841 shares during the period. Open Text makes up approximately 1.4% of Easterly Investment Partners LLC’s holdings, making the stock its 11th biggest position. Easterly Investment Partners LLC owned 0.19% of Open Text worth $16,966,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of OTEX. Headlands Technologies LLC purchased a new stake in shares of Open Text during the first quarter valued at $32,000. Blue Trust Inc. grew its holdings in shares of Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after acquiring an additional 793 shares during the period. Ridgewood Investments LLC purchased a new position in Open Text in the second quarter worth about $30,000. Kimelman & Baird LLC bought a new stake in shares of Open Text during the 2nd quarter valued at about $36,000. Finally, Cromwell Holdings LLC increased its position in shares of Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after purchasing an additional 380 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Price Performance

Shares of Open Text stock traded down $0.18 during trading on Friday, reaching $29.42. 159,960 shares of the stock traded hands, compared to its average volume of 636,894. The business has a fifty day simple moving average of $32.47 and a two-hundred day simple moving average of $31.42. Open Text Co. has a 52-week low of $27.50 and a 52-week high of $45.47. The company has a market capitalization of $7.82 billion, a price-to-earnings ratio of 17.00 and a beta of 1.13. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The company’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.90 EPS. Sell-side analysts expect that Open Text Co. will post 3.23 EPS for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be issued a $0.262 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.56%. Open Text’s dividend payout ratio (DPR) is presently 60.69%.

Analyst Ratings Changes

Several research firms have weighed in on OTEX. 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 report on Friday, November 1st. National Bankshares cut Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price on the stock. in a report on Friday, August 2nd. 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 report on Friday, August 2nd. Citigroup decreased their price objective on Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. Finally, Royal Bank of Canada downgraded Open Text from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $45.00 to $33.00 in a research note on Friday, November 1st. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $35.90.

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.