Quartz Partners LLC Purchases New Shares in Open Text Corporation $OTEX

Quartz Partners LLC acquired a new stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 182,637 shares of the software maker’s stock, valued at approximately $4,045,000. Open Text makes up approximately 1.3% of Quartz Partners LLC’s holdings, making the stock its 28th largest position.

A number of other large investors have also modified their holdings of OTEX. CIBC Private Wealth Group LLC purchased a new stake in shares of Open Text during the 3rd quarter worth about $33,000. Global Retirement Partners LLC purchased a new position in shares of Open Text in the 2nd quarter valued at about $34,000. WealthCollab LLC increased its stake in shares of Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after purchasing an additional 464 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings 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 worth $52,000 after purchasing an additional 1,580 shares during the period. Finally, Osaic Holdings Inc. boosted its position in 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 in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Trading Up 1.4%

Shares of Open Text stock opened at $24.51 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.43. Open Text Corporation has a twelve month low of $19.77 and a twelve month high of $39.90. The firm has a market capitalization of $5.93 billion, a PE ratio of 9.50 and a beta of 1.03. The firm’s 50-day moving average price is $23.21 and its 200 day moving average price is $23.34.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.21. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Open Text had a net margin of 12.26% and a return on equity of 25.76%. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.97 EPS. On average, sell-side analysts predict that Open Text Corporation will post 4.32 EPS for the current fiscal year.

Open Text Increases Dividend

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

Wall Street Analyst Weigh In

OTEX has been the topic of several research analyst reports. Scotia dropped their price objective on Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a report on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Open Text in a research note on Wednesday, June 24th. Barclays increased their target price on Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. Citigroup lifted their price target on shares of Open Text from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Finally, Wall Street Zen lowered shares of Open Text from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Three analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, Open Text has a consensus rating of “Hold” and a consensus target price of $32.46.

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.