Beacon Pointe Advisors LLC Invests $1.54 Million in Open Text Corporation $OTEX

Key Points

• Beacon Pointe Advisors purchased 69,435 Open Text shares worth approximately $1.54 million, while institutional investors collectively own 70.37% of the company.
• Open Text exceeded quarterly expectations, reporting $1.23 EPS versus a $1.02 consensus estimate and $1.33 billion in revenue, up 2.9% year over year.
• Analysts maintain a consensus “Hold” rating with a $32.46 price target, while Open Text’s quarterly dividend implies a 4.5% annualized yield.

Beacon Pointe Advisors LLC bought a new stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 69,435 shares of the software maker's stock, valued at approximately $1,538,000.

A number of other institutional investors also recently modified their holdings of the company. Kimelman & Baird LLC bought a new position in Open Text in the 2nd quarter worth approximately $27,000. CIBC Private Wealth Group LLC acquired a new stake in Open Text during the third quarter valued at approximately $33,000. Global Retirement Partners LLC bought a new stake in shares of Open Text in the 2nd quarter valued at approximately $34,000. WealthCollab LLC grew 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 during the period. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of Open Text by 5,096.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker's stock valued at $52,000 after acquiring an additional 1,580 shares during the period. Institutional investors own 70.37% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. UBS Group boosted their price objective on Open Text from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Friday, August 7th. Royal Bank Of Canada reduced their price objective on shares of Open Text from $30.00 to $27.00 and set a "sector perform" rating on the stock in a research note on Friday, May 8th. National Bank Financial decreased their target price on Open Text from $45.00 to $33.00 and set an "outperform" rating for the company in a research report on Wednesday, May 27th. Raymond James Financial lowered shares of Open Text from an "outperform" rating to a "market perform" rating and decreased their price target for the company from $35.00 to $29.50 in a report on Thursday, August 6th. Finally, Scotia lowered their target price on Open Text from $40.00 to $33.00 and set a "sector outperform" rating for the company in a research note on Friday, August 7th. Three equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $32.46.

Open Text Price Performance

NASDAQ:OTEX opened at $25.10 on Monday. The company has a market cap of $6.08 billion, a P/E ratio of 9.73 and a beta of 1.03. Open Text Corporation has a 52-week low of $19.77 and a 52-week high of $39.90. The stock's 50-day simple moving average is $23.65 and its 200 day simple moving average is $23.36. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.81 and a current ratio of 0.81.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings data on Thursday, August 6th. The software maker reported $1.23 earnings per share 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 analyst estimates of $1.29 billion. Open Text had a net margin of 12.26% and a return on equity of 25.76%. Open Text's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.97 EPS. As a group, sell-side analysts forecast that Open Text Corporation will post 3.72 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.12 annualized dividend and a yield of 4.5%. This is a boost from Open Text's previous quarterly dividend of $0.28. Open Text's payout ratio is presently 43.41%.

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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