Open Text Corporation (NASDAQ:OTEX) Shares Acquired by Lorne Steinberg Wealth Management Inc.

Lorne Steinberg Wealth Management Inc. boosted its position in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 15.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 149,298 shares of the software maker's stock after buying an additional 20,495 shares during the quarter. Lorne Steinberg Wealth Management Inc. owned 0.06% of Open Text worth $3,772,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Blue Trust Inc. boosted its position 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 buying an additional 398 shares during the period. Allworth Financial LP lifted its stake in Open Text by 20.7% in the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after acquiring an additional 439 shares during the period. IFP Advisors Inc lifted its position in shares of Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock worth $29,000 after purchasing an additional 515 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Open Text by 1.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,637 shares of the software maker's stock worth $1,857,000 after purchasing an additional 947 shares during the period. Finally, Versant Capital Management Inc purchased a new stake in shares of Open Text in the 1st quarter worth approximately $26,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Barclays decreased their price objective on 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. BMO Capital Markets decreased 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 report on Friday, May 2nd. UBS Group decreased their target price on shares of Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. National Bankshares decreased their price objective on Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a report on Friday, April 25th. Finally, Royal Bank Of Canada lowered their price target on Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $32.30.

Open Text Stock Performance

NASDAQ OTEX traded down $0.24 on Tuesday, hitting $28.28. 1,455,504 shares of the company's stock traded hands, compared to its average volume of 921,474. The firm has a market capitalization of $7.32 billion, a PE ratio of 11.54 and a beta of 1.13. The firm's 50-day moving average price is $27.27 and its two-hundred day moving average price is $27.50. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.54. Open Text Corporation has a 1-year low of $22.79 and a 1-year high of $34.20.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted 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 firm had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same period in the previous year, the business posted $0.94 EPS. The business's revenue was down 13.3% compared to the same quarter last year. As a group, analysts expect that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be given a $0.2625 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.71%. Open Text's dividend payout ratio (DPR) is currently 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.