Open Text Corporation $OTEX Shares Purchased by Value Partners Investments Inc.

Value Partners Investments Inc. raised its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 30.0% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,413,989 shares of the software maker’s stock after purchasing an additional 556,534 shares during the period. Open Text comprises approximately 4.1% of Value Partners Investments Inc.’s portfolio, making the stock its 11th biggest holding. Value Partners Investments Inc.’s holdings in Open Text were worth $53,687,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in OTEX. CIBC Private Wealth Group LLC purchased a new stake in shares of Open Text in the 3rd quarter worth about $33,000. WealthCollab LLC increased its holdings in Open Text by 39.5% during the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after acquiring an additional 464 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in Open Text by 5,096.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock worth $52,000 after acquiring an additional 1,580 shares during the last quarter. Osaic Holdings Inc. lifted its holdings in shares of Open Text by 108.8% in the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock valued at $52,000 after purchasing an additional 937 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings 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 in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Scotiabank dropped their price objective on shares of 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. Weiss Ratings reiterated a “hold (c-)” rating on shares of Open Text in a report on Wednesday. Raymond James Financial cut their price target on Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, May 8th. National Bank Financial reduced their price objective on Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Finally, UBS Group set a $25.00 price objective on Open Text in a research report on Friday, May 8th. Four research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $33.67.

Open Text Stock Up 3.4%

OTEX stock opened at $22.09 on Friday. The company has a 50 day moving average price of $22.79 and a two-hundred day moving average price of $25.55. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $5.36 billion, a P/E ratio of 10.78 and a beta of 1.05. Open Text Corporation has a one year low of $19.77 and a one 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, beating analysts’ consensus estimates of $0.94 by $0.07. The business had revenue of $1.28 billion during 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 business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.82 earnings per share. As a group, sell-side analysts expect that Open Text Corporation will post 4.05 EPS for the current year.

Open Text Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were paid a dividend of $0.275 per share. 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 5.0%. Open Text’s dividend payout ratio is currently 53.66%.

About Open Text

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.