AustralianSuper Pty Ltd Purchases Shares of 240,683 Open Text Co. (NASDAQ:OTEX)

AustralianSuper Pty Ltd purchased a new position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 240,683 shares of the software maker’s stock, valued at approximately $8,011,000. AustralianSuper Pty Ltd owned 0.09% of Open Text as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Galibier Capital Management Ltd. raised its position in Open Text by 1.3% during the third quarter. Galibier Capital Management Ltd. now owns 404,175 shares of the software maker’s stock valued at $13,469,000 after acquiring an additional 5,207 shares in the last quarter. Canoe Financial LP grew its stake in shares of Open Text by 33.6% during the 3rd quarter. Canoe Financial LP now owns 66,000 shares of the software maker’s stock worth $2,184,000 after purchasing an additional 16,585 shares during the period. DekaBank Deutsche Girozentrale increased its holdings in shares of Open Text by 13.5% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 91,783 shares of the software maker’s stock valued at $3,023,000 after purchasing an additional 10,895 shares in the last quarter. Forsta AP Fonden lifted its stake in shares of Open Text by 157.8% in the 3rd quarter. Forsta AP Fonden now owns 198,500 shares of the software maker’s stock valued at $6,615,000 after purchasing an additional 121,500 shares during the period. Finally, Cromwell Holdings LLC boosted its holdings in Open Text by 29.6% during the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after buying an additional 380 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Price Performance

Shares of NASDAQ OTEX traded down $3.94 during mid-day trading on Thursday, reaching $29.84. The company’s stock had a trading volume of 413,808 shares, compared to its average volume of 627,540. The stock has a market capitalization of $7.92 billion, a P/E ratio of 18.35 and a beta of 1.12. Open Text Co. has a 1-year low of $27.50 and a 1-year high of $45.47. The stock has a 50-day moving average of $32.84 and a two-hundred day moving average of $31.63. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.81 and a current ratio of 0.81.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.41 billion. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The business’s revenue was down 8.6% on a year-over-year basis. During the same period last year, the company posted $0.79 EPS. On average, equities research analysts anticipate that Open Text Co. will post 3.23 EPS for the current fiscal year.

Wall Street Analyst Weigh In

OTEX has been the topic of a number of analyst reports. 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 research report on Friday, August 2nd. National Bank Financial cut Open Text from an “outperform” rating to a “sector perform” rating in a research report on Friday, August 2nd. Citigroup upped their target price on Open Text from $32.00 to $34.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. CIBC dropped their price target on shares of Open Text from $36.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, July 19th. Finally, Jefferies Financial Group reduced their price objective on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $38.89.

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.