Arkadios Wealth Advisors Buys 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 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 11,831 shares of the software maker's stock, valued at approximately $299,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OTEX. JARISLOWSKY FRASER Ltd lifted its holdings in shares of Open Text by 11.8% in the 4th quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker's stock valued at $522,879,000 after purchasing an additional 1,957,695 shares during the last quarter. First Trust Advisors LP lifted its stake in Open Text by 9.5% in the fourth quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker's stock valued at $205,925,000 after buying an additional 632,437 shares during the last quarter. Mackenzie Financial Corp lifted its stake in Open Text by 9.2% in the first quarter. Mackenzie Financial Corp now owns 5,876,003 shares of the software maker's stock valued at $148,299,000 after buying an additional 492,897 shares during the last quarter. Turtle Creek Asset Management Inc. boosted its holdings in shares of Open Text by 2.1% in the fourth quarter. Turtle Creek Asset Management Inc. now owns 5,366,703 shares of the software maker's stock valued at $151,985,000 after acquiring an additional 109,550 shares during the period. Finally, Letko Brosseau & Associates Inc. grew its position in shares of Open Text by 1.1% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 4,348,755 shares of the software maker's stock worth $123,006,000 after acquiring an additional 49,065 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Stock Performance

OTEX traded down $0.81 during trading on Thursday, reaching $28.14. The company's stock had a trading volume of 1,612,151 shares, compared to its average volume of 982,882. The company's fifty day moving average price is $28.90 and its 200-day moving average price is $27.59. Open Text Corporation has a 52-week low of $22.79 and a 52-week high of $34.20. The company has a market capitalization of $7.17 billion, a price-to-earnings ratio of 11.49 and a beta of 1.12. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.86 and a current ratio of 0.86.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Citigroup increased their price target on shares of Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a research note on Friday, May 2nd. 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. Royal Bank Of Canada lowered their price target on Open Text from $31.00 to $30.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 22nd. UBS Group reduced their price objective on Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Open Text in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Open Text currently has an average rating of "Hold" and an average target price of $32.00.

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.