J. Safra Sarasin Holding AG Lowers Stock Position in Open Text Corporation $OTEX

Key Points

• J. Safra Sarasin Holding AG reduced its stake in Open Text Corporation (OTEX) by 77.5% during the second quarter, holding 10,984 shares worth approximately $320,000.
• Open Text declared an increased quarterly dividend of $0.275 per share, resulting in an annualized yield of 2.9%, up from the previous dividend of $0.26.
• Analysts maintain a consensus rating of "Hold" for Open Text shares, with a target price averaging $37.25, while several firms have recently upgraded their ratings on the stock.

J. Safra Sarasin Holding AG cut its holdings in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 77.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,984 shares of the software maker's stock after selling 37,782 shares during the period. J. Safra Sarasin Holding AG's holdings in Open Text were worth $320,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of OTEX. Versant Capital Management Inc purchased a new position in shares of Open Text during the first quarter worth approximately $26,000. Parallel Advisors LLC grew its position in shares of Open Text by 219.3% during the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock worth $49,000 after acquiring an additional 1,331 shares during the last quarter. NBC Securities Inc. grew its position in shares of Open Text by 143,737.5% during the first quarter. NBC Securities Inc. now owns 11,507 shares of the software maker's stock worth $290,000 after acquiring an additional 11,499 shares during the last quarter. Vest Financial LLC grew its position in shares of Open Text by 34.9% during the first quarter. Vest Financial LLC now owns 12,724 shares of the software maker's stock worth $321,000 after acquiring an additional 3,290 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its position in shares of Open Text by 11.1% during the first quarter. Wedge Capital Management L L P NC now owns 93,111 shares of the software maker's stock worth $2,352,000 after acquiring an additional 9,340 shares during the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Open Text Trading Up 0.7%

Shares of OTEX stock opened at $37.94 on Friday. Open Text Corporation has a twelve month low of $22.79 and a twelve month high of $39.04. The firm has a 50-day moving average price of $33.41 and a 200 day moving average price of $29.54. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61. The company has a market capitalization of $9.60 billion, a price-to-earnings ratio of 22.99 and a beta of 1.17.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings data 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 net margin of 8.43% and a return on equity of 22.52%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the prior year, the company posted $0.98 EPS. The company's quarterly revenue was down 3.8% compared to the same quarter last year. Research analysts forecast that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.9%. 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

A number of equities analysts recently weighed in on OTEX shares. CIBC reiterated a "neutral" rating on shares of Open Text in a research report on Monday, August 11th. Royal Bank Of Canada lifted 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. Wall Street Zen upgraded shares of Open Text from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. National Bankshares upgraded shares of Open Text from a "sector perform" rating to an "outperform" rating and lifted their price objective for the company from $34.00 to $45.00 in a research report on Monday, September 15th. Finally, Barclays reiterated a "positive" rating on shares of Open Text in a research report on Friday, August 8th. Four 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, the company has a consensus rating of "Hold" and an average target price of $37.25.

Open Text Company 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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