8,939 Shares in Open Text Corporation $OTEX Purchased by Empirical Financial Services LLC d.b.a. Empirical Wealth Management

Key Points

• Empirical Financial Services LLC purchased 8,939 shares of Open Text Corporation (OTEX), amounting to approximately $261,000 during the 2nd quarter.
• Open Text reported a net margin of 8.43% and a return on equity of 22.52%, with quarterly earnings of $0.97 per share, surpassing estimates by $0.11.
• The company recently increased its quarterly dividend to $0.275 per share, resulting in an annualized yield of 2.9%.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,939 shares of the software maker's stock, valued at approximately $261,000.

A number of other institutional investors also recently modified their holdings of OTEX. Cromwell Holdings LLC grew its position in Open Text by 27.4% during the 2nd quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker's stock worth $48,000 after acquiring an additional 352 shares during the last quarter. Parallel Advisors LLC boosted its stake in Open Text by 219.3% in the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock worth $49,000 after purchasing an additional 1,331 shares in the last quarter. Headlands Technologies LLC grew its holdings in shares of Open Text by 360.6% during the first quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker's stock worth $73,000 after purchasing an additional 2,261 shares during the last quarter. United Services Automobile Association acquired a new stake in shares of Open Text in the first quarter valued at $213,000. Finally, Ridgewood Investments LLC raised its holdings in shares of Open Text by 593.1% in the first quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker's stock valued at $219,000 after buying an additional 7,414 shares during the last quarter. Institutional investors own 70.37% of the company's stock.

Open Text Price Performance

Shares of OTEX opened at $38.30 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61. The stock has a market cap of $9.69 billion, a P/E ratio of 23.21 and a beta of 1.17. The stock's 50-day moving average price is $33.58 and its two-hundred day moving average price is $29.64. Open Text Corporation has a 1 year low of $22.79 and a 1 year high of $39.04.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings results on Thursday, August 7th. The software maker reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.11. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same period last year, the company posted $0.98 EPS. Open Text's revenue for the quarter was down 3.8% on a year-over-year basis. On average, equities analysts predict that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were paid a $0.275 dividend. This is a positive change from Open Text's previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Friday, September 5th. Open Text's dividend payout ratio is 66.67%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on OTEX. National Bank Financial raised shares of Open Text from a "sector perform" rating to an "outperform" rating and set a $45.00 price objective on the stock in a report on Monday, September 15th. Wall Street Zen upgraded shares of Open Text from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. TD Cowen reissued a "hold" rating and issued a $40.00 price target on shares of Open Text in a report on Friday. CIBC reaffirmed a "neutral" rating on shares of Open Text in a report on Monday, August 11th. Finally, National Bankshares upgraded Open Text from a "sector perform" rating to an "outperform" rating and increased their price objective for the company from $34.00 to $45.00 in a research report on Monday, September 15th. Four equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $37.25.

Open Text Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.

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