Cerity Partners LLC Has $1.20 Million Stock Holdings in Open Text Corporation (NASDAQ:OTEX)

Cerity Partners LLC increased its position in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 42.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 47,391 shares of the software maker's stock after buying an additional 14,109 shares during the quarter. Cerity Partners LLC's holdings in Open Text were worth $1,197,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc acquired a new stake in Open Text during the first quarter worth about $26,000. Parallel Advisors LLC boosted its holdings in Open Text by 219.3% during the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock valued at $49,000 after purchasing an additional 1,331 shares in the last quarter. Stifel Financial Corp boosted its holdings in Open Text by 2.2% during the fourth quarter. Stifel Financial Corp now owns 68,511 shares of the software maker's stock valued at $1,940,000 after purchasing an additional 1,453 shares in the last quarter. LPL Financial LLC boosted its holdings in Open Text by 8.7% during the fourth quarter. LPL Financial LLC now owns 18,509 shares of the software maker's stock valued at $524,000 after purchasing an additional 1,479 shares in the last quarter. Finally, Alps Advisors Inc. boosted its holdings in Open Text by 5.8% during the first quarter. Alps Advisors Inc. now owns 33,109 shares of the software maker's stock valued at $836,000 after purchasing an additional 1,807 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Open Text from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Royal Bank Of Canada cut their target price on shares of Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a research note on Tuesday, April 22nd. 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 note on Friday, May 2nd. Barclays cut their target price on shares of Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Finally, National Bankshares dropped their price objective on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a research report on Friday, April 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Open Text currently has a consensus rating of "Hold" and a consensus target price of $32.30.

Open Text Trading Up 1.6%

Shares of OTEX traded up $0.49 during trading hours on Friday, reaching $30.70. The stock had a trading volume of 929,567 shares, compared to its average volume of 1,032,672. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.54. Open Text Corporation has a 52 week low of $22.79 and a 52 week high of $34.20. The firm has a 50-day moving average of $28.70 and a 200 day moving average of $27.50. The company has a market cap of $7.87 billion, a P/E ratio of 12.53 and a beta of 1.13.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings data on Wednesday, April 30th. The software maker reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.81 by $0.01. Open Text had a net margin of 12.55% and a return on equity of 22.49%. The business had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same quarter in the prior year, the company earned $0.94 EPS. The firm's quarterly revenue was down 13.3% on a year-over-year basis. On average, sell-side analysts expect that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date was Friday, June 6th. Open Text's dividend payout ratio (DPR) is presently 42.86%.

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.