Guardian Partners Inc. Cuts Stock Position in Open Text Corporation $OTEX

Guardian Partners Inc. cut its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 86.8% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 29,827 shares of the software maker’s stock after selling 196,112 shares during the period. Guardian Partners Inc.’s holdings in Open Text were worth $664,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in OTEX. CIBC Private Wealth Group LLC purchased a new stake in shares of Open Text during the third quarter worth about $33,000. WealthCollab LLC raised its position 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 last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Open Text by 5,096.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock valued at $52,000 after buying an additional 1,580 shares in the last quarter. Osaic Holdings Inc. lifted its stake in Open Text by 108.8% in the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock valued at $52,000 after buying an additional 937 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Open Text by 39.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after buying an additional 570 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Price Performance

OTEX stock opened at $24.79 on Wednesday. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94. The business has a 50 day simple moving average of $22.68 and a 200-day simple moving average of $23.92. The firm has a market capitalization of $6.00 billion, a PE ratio of 12.09 and a beta of 1.04. Open Text Corporation has a 1 year low of $19.77 and a 1 year high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.07. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.26 billion. Open Text had a return on equity of 24.77% and a net margin of 9.91%.The firm’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.82 earnings per share. Equities research analysts anticipate that Open Text Corporation will post 4.05 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were paid a $0.275 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.4%. Open Text’s dividend payout ratio (DPR) is 53.66%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on OTEX shares. Royal Bank Of Canada reduced their target price on Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a report on Friday, May 8th. National Bank Financial lowered their price target on Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Scotiabank dropped their price target on Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research report on Friday, May 8th. Scotia reduced their price objective on Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research note on Friday, May 8th. Finally, Raymond James Financial decreased their price objective on Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a report on Friday, May 8th. Four analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $33.67.

Open Text Company 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.