Arkadios Wealth Advisors Purchases Shares of 11,831 Open Text Corporation (NASDAQ:OTEX)

Arkadios Wealth Advisors purchased a new position in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,831 shares of the software maker's stock, valued at approximately $299,000.

Other large investors also recently added to or reduced their stakes in the company. Thornburg Investment Management Inc. raised its stake in Open Text by 4.3% in the first quarter. Thornburg Investment Management Inc. now owns 179,337 shares of the software maker's stock valued at $4,530,000 after buying an additional 7,471 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Open Text by 9.2% during the 1st quarter. Mackenzie Financial Corp now owns 5,876,003 shares of the software maker's stock worth $148,299,000 after purchasing an additional 492,897 shares during the last quarter. Ridgewood Investments LLC grew its stake in shares of Open Text by 593.1% during the 1st 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 period. TD Asset Management Inc boosted its position in Open Text by 18.2% during the 1st quarter. TD Asset Management Inc now owns 1,791,463 shares of the software maker's stock worth $45,208,000 after purchasing an additional 275,757 shares during the period. Finally, Easterly Investment Partners LLC boosted its position in Open Text by 3.7% during the 1st quarter. Easterly Investment Partners LLC now owns 494,372 shares of the software maker's stock worth $12,488,000 after purchasing an additional 17,784 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on OTEX. CIBC decreased their price objective on shares of Open Text from $33.00 to $31.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Wall Street Zen upgraded shares of Open Text from a "hold" rating to a "buy" rating in a report on Saturday. National Bankshares reduced their target price on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a report on Friday, April 25th. Scotiabank reduced their target price on shares of Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a report on Monday, April 28th. Finally, BMO Capital Markets cut their target price on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $32.00.

Open Text Stock Up 9.8%

Shares of Open Text stock traded up $2.77 on Friday, hitting $30.91. The company had a trading volume of 3,266,143 shares, compared to its average volume of 1,011,764. The firm has a market capitalization of $7.86 billion, a P/E ratio of 18.73 and a beta of 1.12. Open Text Corporation has a twelve month low of $22.79 and a twelve month high of $34.20. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a 50-day moving average of $28.95 and a 200-day moving average of $27.61.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings results on Thursday, August 7th. The software maker reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.11. Open Text had a net margin of 8.43% and a return on equity of 22.20%. The company had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $1.30 billion. During the same quarter in the prior year, the company earned $0.98 earnings per share. The business's quarterly revenue was down 3.8% compared to the same quarter last year. Research analysts predict that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Company 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.