Nexus Investment Management raised its position in shares of Open Text Co. (NASDAQ:OTEX) by 59.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 41,850 shares of the company’s stock after buying an additional 15,600 shares during the period. Nexus Investment Management’s holdings in Open Text were worth $2,006,000 at the end of the most recent quarter.
Separately, Eagle Asset Management boosted its stake in Open Text by 45.8% in the third quarter. Eagle Asset Management now owns 104,060 shares of the company’s stock worth $4,656,000 after buying an additional 32,694 shares during the period.
Shares of Open Text Co. (NASDAQ:OTEX) traded up 0.15% during midday trading on Friday, reaching $45.39. 260,752 shares of the company traded hands. The stock’s 50-day moving average is $47.89 and its 200-day moving average is $45.06. The stock has a market capitalization of $5.48 billion and a P/E ratio of 26.39. Open Text Co. has a 1-year low of $36.65 and a 1-year high of $61.74.
Open Text (NASDAQ:OTEX) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $0.84 EPS for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.06. During the same quarter in the previous year, the company earned $0.97 earnings per share. The company had revenue of $434.50 million for the quarter, compared to the consensus estimate of $454.41 million. Open Text’s quarterly revenue was down 4.3% compared to the same quarter last year. Equities analysts predict that Open Text Co. will post $3.56 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 18th. Shareholders of record on Friday, November 27th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, November 24th. This represents a $0.80 dividend on an annualized basis and a yield of 1.76%.
A number of research firms recently commented on OTEX. Barclays lifted their target price on shares of Open Text from $50.00 to $55.00 and gave the stock an “overweight” rating in a research note on Thursday, October 29th. BMO Capital Markets lowered their target price on shares of Open Text from $47.00 to $43.00 and set a “market perform” rating for the company in a research note on Monday, November 2nd. CIBC lifted their target price on shares of Open Text from $48.50 to $51.00 and gave the stock a “sector performer” rating in a research note on Thursday, October 29th. Finally, Zacks Investment Research cut shares of Open Text from a “buy” rating to a “hold” rating in a research note on Monday, October 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. Open Text currently has a consensus rating of “Hold” and a consensus target price of $52.67.
Open Text Corporation is a Canada-based company operating in enterprise information market (NASDAQ:OTEX). The Company provides software products and services to organizations in finding, utilizing and sharing business information. The Company’s products and services include enterprise content management (ECM), business process management (BPM), customer experience management (CEM), information exchange (iX), discovery, and analytics and reporting. Its ECM solutions include content management, archiving and core, among others. Its BPM solutions include process suite platform, capture and recognition systems, and process suite solutions. Its CEM solutions include Web content management, digital asset management and portal. Its iX solutions include business-to-business (B2B) integration, fax solutions and secure messaging. Its discovery solutions include search and InfoFusion. Its analytics and reporting solutions include embedded analytics and reporting, and advanced analytics.