Access Investment Management LLC Has $7.12 Million Stock Holdings in Open Text Corporation $OTEX

Access Investment Management LLC grew its holdings in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 60.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 320,215 shares of the software maker's stock after acquiring an additional 120,380 shares during the quarter. Open Text accounts for approximately 1.9% of Access Investment Management LLC's investment portfolio, making the stock its 18th largest position. Access Investment Management LLC owned 0.13% of Open Text worth $7,122,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Tidal Investments LLC boosted its holdings in Open Text by 2.6% in the second quarter. Tidal Investments LLC now owns 18,059 shares of the software maker's stock worth $527,000 after acquiring an additional 460 shares in the last quarter. WealthCollab LLC lifted its position in 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 acquiring an additional 464 shares in the last quarter. Vident Advisory LLC boosted its position in shares of Open Text by 3.7% during the fourth quarter. Vident Advisory LLC now owns 15,715 shares of the software maker's stock valued at $512,000 after buying an additional 555 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Open Text by 39.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker's stock worth $59,000 after purchasing an additional 570 shares during the last quarter. Finally, State of Tennessee Department of Treasury boosted its position in Open Text by 0.4% in the fourth quarter. State of Tennessee Department of Treasury now owns 147,862 shares of the software maker's stock worth $4,817,000 after purchasing an additional 584 shares during the last quarter. Institutional investors own 70.37% of the company's stock.

Open Text Stock Performance

Shares of OTEX opened at $25.34 on Friday. The stock has a fifty day moving average price of $22.82 and a 200-day moving average price of $23.83. Open Text Corporation has a 12 month low of $19.77 and a 12 month high of $39.90. The firm has a market cap of $6.14 billion, a PE ratio of 12.36 and a beta of 1.04. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.56.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, topping the consensus estimate 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 company's quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company earned $0.82 earnings per share. Equities research analysts predict that Open Text Corporation will post 4.05 earnings per share for the current fiscal year.

Open Text Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Friday, June 5th. Open Text's dividend payout ratio is 53.66%.

Analyst Ratings Changes

OTEX has been the subject of several analyst reports. Royal Bank Of Canada cut their price objective on shares of Open Text from $30.00 to $27.00 and set a "sector perform" rating for the company in a report on Friday, May 8th. Citigroup cut their target price on Open Text from $26.00 to $25.00 and set a "neutral" rating for the company in a research note on Friday, May 8th. UBS Group set a $25.00 price target on Open Text in a research report on Friday, May 8th. Barclays upped their target price on Open Text from $25.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Monday, May 11th. Finally, National Bank Financial decreased their price objective on Open Text from $45.00 to $33.00 and set an "outperform" rating on the stock in a report on Wednesday, May 27th. Four equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus 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.

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