Intact Investment Management Inc. Acquires 350,200 Shares of Open Text Corporation (NASDAQ:OTEX)

Intact Investment Management Inc. lifted its holdings in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 136.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 606,440 shares of the software maker's stock after purchasing an additional 350,200 shares during the period. Intact Investment Management Inc. owned about 0.23% of Open Text worth $15,308,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Blue Trust Inc. raised its stake in Open Text by 40.8% in the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock valued at $39,000 after acquiring an additional 398 shares during the period. Allworth Financial LP raised its stake in Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock valued at $73,000 after acquiring an additional 439 shares during the period. IFP Advisors Inc raised its stake in Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after acquiring an additional 515 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Open Text by 1.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,637 shares of the software maker's stock valued at $1,857,000 after acquiring an additional 947 shares during the period. Finally, Versant Capital Management Inc bought a new stake in Open Text in the 1st quarter valued at about $26,000. 70.37% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on OTEX shares. Barclays decreased their price target on Open Text from $36.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Scotiabank reduced their price objective on shares of Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a research note on Monday, April 28th. UBS Group reduced their price objective on shares of Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. CIBC reduced their price objective on shares of Open Text from $33.00 to $31.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Finally, BMO Capital Markets reduced their price objective 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. 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 stock. Based on data from MarketBeat.com, Open Text currently has a consensus rating of "Hold" and an average target price of $32.30.

Open Text Trading Down 1.7%

Shares of Open Text stock opened at $27.83 on Friday. Open Text Corporation has a 1 year low of $22.79 and a 1 year high of $34.20. The firm has a market cap of $7.14 billion, a PE ratio of 11.36 and a beta of 1.13. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.86 and a quick ratio of 0.86. The company has a 50 day simple moving average of $27.41 and a two-hundred day simple moving average of $27.50.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $1.28 billion. During the same period in the previous year, the business posted $0.94 earnings per share. Open Text's revenue for the quarter was down 13.3% on a year-over-year basis. Analysts expect that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a $0.2625 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.77%. Open Text's payout ratio is 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.

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