Callan Family Office LLC Acquires New Holdings in Open Text Corporation $OTEX

Key Points

• Callan Family Office LLC has acquired a new stake in Open Text Corporation, purchasing 8,560 shares valued at approximately $250,000.
• Open Text recently reported a quarterly dividend increase to $0.275, representing an annualized dividend of $1.10 and a yield of 2.8%.
• Analysts' ratings for Open Text show a mixed outlook, with four Buy ratings, eight Hold ratings, and one Sell rating with an average price target of $37.25.

Callan Family Office LLC purchased a new stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 8,560 shares of the software maker's stock, valued at approximately $250,000.

Other large investors have also recently bought and sold shares of the company. Cromwell Holdings LLC lifted its stake in shares of Open Text by 27.4% in the second quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker's stock worth $48,000 after buying an additional 352 shares during the last quarter. Headlands Technologies LLC lifted its position in Open Text by 360.6% during the 1st quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker's stock worth $73,000 after acquiring an additional 2,261 shares during the last quarter. United Services Automobile Association acquired a new position in Open Text during the 1st quarter worth $213,000. Ridgewood Investments LLC boosted its holdings in Open Text by 593.1% during the first quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker's stock valued at $219,000 after acquiring an additional 7,414 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in shares of Open Text in the second quarter valued at about $261,000. 70.37% of the stock is currently owned by institutional investors.

Open Text Price Performance

Shares of Open Text stock opened at $38.80 on Friday. The stock has a market capitalization of $9.81 billion, a price-to-earnings ratio of 23.52 and a beta of 1.17. The firm's 50-day moving average price is $35.14 and its two-hundred day moving average price is $30.29. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61. Open Text Corporation has a 1-year low of $22.79 and a 1-year high of $39.90.

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

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were given a $0.275 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.8%. This is an increase from Open Text's previous quarterly dividend of $0.26. Open Text's dividend payout ratio is currently 66.67%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on OTEX shares. Jefferies Financial Group cut Open Text from a "buy" rating to a "hold" rating and set a $33.00 price objective for the company. in a research report on Tuesday, August 12th. TD Cowen reissued a "hold" rating and issued a $40.00 price target on shares of Open Text in a report on Friday, October 3rd. TD Securities lowered shares of Open Text from a "buy" rating to a "hold" rating and raised their price target for the stock from $35.00 to $40.00 in a research report on Friday, October 3rd. Royal Bank Of Canada upped their price objective on shares of Open Text from $30.00 to $35.00 and gave the company a "sector perform" rating in a research report on Tuesday, September 2nd. Finally, CIBC reissued a "neutral" rating on shares of Open Text in a research report on Monday, August 11th. Four investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target 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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