Guardian Capital LP Sells 34,673 Shares of Open Text Corporation $OTEX

Guardian Capital LP lessened its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 0.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,121,132 shares of the software maker’s stock after selling 34,673 shares during the period. Open Text comprises 5.0% of Guardian Capital LP’s portfolio, making the stock its 4th largest holding. Guardian Capital LP owned approximately 1.64% of Open Text worth $154,076,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Sagard Holdings Management Inc. purchased a new stake in Open Text in the 2nd quarter worth approximately $30,000. MAI Capital Management lifted its stake in shares of Open Text by 58.7% during the 2nd quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock worth $47,000 after purchasing an additional 590 shares during the period. WealthCollab LLC lifted its stake in shares of Open Text by 39.5% during the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after purchasing an additional 464 shares during the period. Osaic Holdings Inc. boosted its holdings in shares of Open Text by 108.8% during the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after purchasing an additional 937 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in shares of Open Text by 39.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after purchasing an additional 570 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Barclays reduced their target price on Open Text from $39.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Friday, February 6th. Raymond James Financial lowered their price target on Open Text from $48.00 to $42.00 and set an “outperform” rating for the company in a report on Friday, February 6th. Royal Bank Of Canada dropped their price objective on shares of Open Text from $33.00 to $30.00 and set a “sector perform” rating for the company in a research note on Friday, February 6th. TD Securities upgraded shares of Open Text to a “hold” rating in a report on Monday, February 2nd. Finally, Canadian Imperial Bank of Commerce decreased their target price on shares of Open Text from $40.00 to $37.00 and set a “neutral” rating on the stock in a research report on Friday, January 16th. Three research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $35.75.

Open Text Price Performance

OTEX stock opened at $25.56 on Friday. The company has a market cap of $6.41 billion, a PE ratio of 15.04 and a beta of 1.08. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.57. The stock has a 50-day moving average price of $27.62 and a two-hundred day moving average price of $32.70. Open Text Corporation has a 12-month low of $22.44 and a 12-month high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, February 5th. The software maker reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.09. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.29 billion. Open Text had a return on equity of 23.60% and a net margin of 8.42%.The company’s revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.11 EPS. As a group, research analysts predict that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.10 annualized dividend and a dividend yield of 4.3%. Open Text’s dividend payout ratio is presently 64.71%.

Open Text Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.