Mackenzie Financial Corp Purchases 492,897 Shares of Open Text Corporation (NASDAQ:OTEX)

Mackenzie Financial Corp boosted its position in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 9.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,876,003 shares of the software maker's stock after acquiring an additional 492,897 shares during the period. Mackenzie Financial Corp owned 2.26% of Open Text worth $148,299,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in OTEX. Versant Capital Management Inc bought a new position in shares of Open Text in the first quarter valued at approximately $26,000. Parallel Advisors LLC increased 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 valued at $49,000 after acquiring an additional 1,331 shares during the last quarter. Stifel Financial Corp increased its position in shares of 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 acquiring an additional 1,453 shares during the last quarter. LPL Financial LLC increased its position in shares of 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 acquiring an additional 1,479 shares during the last quarter. Finally, Alps Advisors Inc. increased its position in shares of 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 acquiring an additional 1,807 shares during the last quarter. Institutional investors own 70.37% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on OTEX. Wall Street Zen raised Open Text from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Royal Bank Of Canada decreased their target price on Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 22nd. Citigroup lifted their price target on Open Text from $29.00 to $43.00 and gave the company a "negative" rating in a research report on Friday, May 2nd. National Bankshares dropped their price objective on Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a research note on Friday, April 25th. Finally, Barclays dropped 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. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $32.30.

Open Text Trading Down 1.9%

Shares of OTEX stock opened at $30.12 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.54. The business has a 50-day moving average price of $28.74 and a two-hundred day moving average price of $27.52. Open Text Corporation has a 12-month low of $22.79 and a 12-month high of $34.20. The firm has a market cap of $7.73 billion, a P/E ratio of 12.29 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, topping the consensus estimate of $0.81 by $0.01. The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a return on equity of 22.49% and a net margin of 12.55%. The company's quarterly revenue was down 13.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.94 earnings per share. Equities analysts anticipate that Open Text Corporation will post 3.45 EPS for the current fiscal year.

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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