Hantz Financial Services Inc. Purchases New Holdings in Open Text Co. (NASDAQ:OTEX)

Hantz Financial Services Inc. purchased a new stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the third quarter, HoldingsChannel reports. The firm purchased 34,294 shares of the software maker’s stock, valued at approximately $1,141,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Blue Trust Inc. grew its holdings in Open Text by 435.7% during the 3rd 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 acquired a new stake in Open Text during the 2nd quarter worth $30,000. Kimelman & Baird LLC acquired a new stake in Open Text during the 2nd quarter worth $36,000. Cromwell Holdings LLC grew its holdings in Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after acquiring an additional 380 shares during the period. Finally, Essex LLC acquired a new stake in Open Text during the 3rd quarter worth $210,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Trading Down 0.5 %

OTEX opened at $30.43 on Monday. The stock has a market capitalization of $8.09 billion, a P/E ratio of 17.59 and a beta of 1.13. Open Text Co. has a 12 month low of $27.50 and a 12 month high of $45.47. The firm’s fifty day simple moving average is $31.70 and its 200 day simple moving average is $31.02. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54.

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, beating the consensus estimate of $0.80 by $0.13. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the business earned $0.90 EPS. The company’s revenue was down 11.0% compared to the same quarter last year. As a group, research analysts anticipate that Open Text Co. will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be paid a $0.262 dividend. This is a positive change from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 annualized dividend and a yield of 3.44%. The ex-dividend date is Friday, November 29th. Open Text’s payout ratio is presently 60.69%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on OTEX shares. Citigroup reduced their price target on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. TD Securities reduced their price target on shares of Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Scotiabank reduced their price target 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 cut shares of Open Text from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $45.00 to $33.00 in a research report on Friday, November 1st. Finally, Barclays reduced their price target on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus 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.