Parvin Asset Management LLC Invests $736,000 in Open Text Corporation $OTEX

Parvin Asset Management LLC purchased a new position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 33,250 shares of the software maker’s stock, valued at approximately $736,000.

A number of other institutional investors have also recently bought and sold shares of the business. Royal Bank of Canada raised its holdings in Open Text by 10.9% in the first quarter. Royal Bank of Canada now owns 9,843,494 shares of the software maker’s stock worth $218,920,000 after purchasing an additional 965,385 shares during the period. Bank of America Corp DE boosted its position in shares of Open Text by 99.1% during the first quarter. Bank of America Corp DE now owns 1,349,545 shares of the software maker’s stock worth $30,014,000 after purchasing an additional 671,572 shares in the last quarter. Brandes Investment Partners LP grew its holdings in shares of Open Text by 1.2% in the 4th quarter. Brandes Investment Partners LP now owns 9,106,157 shares of the software maker’s stock valued at $296,679,000 after buying an additional 106,766 shares during the period. Sei Investments Co. increased its position in shares of Open Text by 47.3% in the 1st quarter. Sei Investments Co. now owns 255,601 shares of the software maker’s stock valued at $5,684,000 after buying an additional 82,049 shares in the last quarter. Finally, Quantinno Capital Management LP increased its position in shares of Open Text by 109.8% in the 1st quarter. Quantinno Capital Management LP now owns 109,717 shares of the software maker’s stock valued at $2,440,000 after buying an additional 57,432 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Raymond James Financial downgraded shares of Open Text from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $35.00 to $29.50 in a research report on Thursday, August 6th. Wall Street Zen cut Open Text from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. National Bank Financial dropped 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. Barclays boosted their price target on Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Finally, Royal Bank Of Canada decreased their price objective 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. Three analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $32.46.

Open Text Stock Performance

Shares of OTEX opened at $24.33 on Thursday. The firm has a 50-day moving average of $23.47 and a 200-day moving average of $23.36. Open Text Corporation has a one year low of $19.77 and a one year high of $39.90. The company has a market cap of $5.89 billion, a PE ratio of 9.43 and a beta of 1.03. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.81 and a quick ratio of 0.81.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.21. Open Text had a net margin of 12.26% and a return on equity of 25.76%. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the prior year, the firm earned $0.97 EPS. Open Text’s quarterly revenue was up 2.9% compared to the same quarter last year. As a group, equities analysts forecast that Open Text Corporation will post 3.72 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, September 4th. This represents a $1.12 annualized dividend and a dividend yield of 4.6%. This is an increase from Open Text’s previous quarterly dividend of $0.28. Open Text’s dividend payout ratio is presently 42.64%.

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.