Easterly Investment Partners LLC Sells 20,718 Shares of Open Text Corporation $OTEX

Key Points

• Easterly Investment Partners LLC sold 20,718 shares of Open Text Corporation, reducing its holdings by 4.2% and making the stock its 25th biggest position.
• Several hedge funds increased their stakes in Open Text, with Plato Investment Management Ltd growing its position by 926.0% in Q1.
• Open Text recently increased its quarterly dividend to $0.275 per share, representing an annualized yield of 2.8%.

Easterly Investment Partners LLC decreased its holdings in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 4.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 473,654 shares of the software maker's stock after selling 20,718 shares during the quarter. Open Text accounts for about 1.0% of Easterly Investment Partners LLC's investment portfolio, making the stock its 25th biggest position. Easterly Investment Partners LLC owned 0.18% of Open Text worth $13,831,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Plato Investment Management Ltd grew its stake in shares of Open Text by 926.0% during the first quarter. Plato Investment Management Ltd now owns 49,999 shares of the software maker's stock valued at $1,276,000 after buying an additional 45,126 shares during the last quarter. Korea Investment CORP grew its stake in shares of Open Text by 107.7% during the first quarter. Korea Investment CORP now owns 188,444 shares of the software maker's stock valued at $4,755,000 after buying an additional 97,700 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Open Text by 12.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 187,565 shares of the software maker's stock valued at $4,735,000 after buying an additional 21,089 shares during the last quarter. Value Partners Investments Inc. grew its stake in shares of Open Text by 9.8% during the second quarter. Value Partners Investments Inc. now owns 2,561,601 shares of the software maker's stock valued at $74,709,000 after buying an additional 228,062 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of Open Text during the first quarter valued at approximately $323,000. Institutional investors own 70.37% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. National Bankshares raised Open Text from a "sector perform" rating to an "outperform" rating and upped their target price for the company from $34.00 to $45.00 in a research note on Monday, September 15th. Jefferies Financial Group cut Open Text from a "buy" rating to a "hold" rating and set a $33.00 price objective on the stock. in a research note on Tuesday, August 12th. National Bank Financial raised Open Text from a "sector perform" rating to an "outperform" rating and set a $45.00 price objective on the stock in a research note on Monday, September 15th. Scotiabank raised Open Text from a "sector perform" rating to an "outperform" rating and increased their price objective for the stock from $35.00 to $50.00 in a research note on Wednesday, September 24th. Finally, TD Cowen reissued a "hold" rating and issued a $40.00 price objective on shares of Open Text in a research note on Friday, October 3rd. Four equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Open Text has an average rating of "Hold" and a consensus price target of $37.25.

Open Text Price Performance

Shares of OTEX opened at $38.80 on Friday. The business's 50-day moving average is $35.14 and its two-hundred day moving average is $30.29. The company has a market capitalization of $9.81 billion, a P/E ratio of 23.52 and a beta of 1.17. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80. Open Text Corporation has a fifty-two week low of $22.79 and a fifty-two week high of $39.90.

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

Open Text Increases Dividend

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

About Open Text

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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