Montrusco Bolton Investments Inc. Makes New Investment in Open Text Corporation $OTEX

Key Points

• Montrusco Bolton Investments Inc. bought a new stake of 218,938 shares in Open Text, valued at about $7.14 million, representing roughly 0.09% of the company at quarter-end.
• Analysts have trimmed targets and issued mixed ratings, leaving a consensus rating of Hold with a consensus price target of $35.33, while the stock was trading near $22.43.
• Open Text reported a quarterly beat with $1.13 EPS vs. $1.04 expected and recently paid a quarterly dividend of $0.275 (annualized yield ~4.9%).

Montrusco Bolton Investments Inc. purchased a new stake in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 218,938 shares of the software maker's stock, valued at approximately $7,140,000. Montrusco Bolton Investments Inc. owned approximately 0.09% of Open Text at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. CIBC Private Wealth Group LLC purchased a new stake in shares of Open Text in the third quarter valued at approximately $33,000. WealthCollab LLC lifted its holdings in Open Text by 39.5% in the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker's stock valued at $48,000 after acquiring an additional 464 shares during the last quarter. Osaic Holdings Inc. lifted its holdings in Open Text by 108.8% in the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker's stock valued at $52,000 after acquiring an additional 937 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Open Text by 39.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker's stock valued at $59,000 after acquiring an additional 570 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in Open Text by 63.1% in the third quarter. PNC Financial Services Group Inc. now owns 2,141 shares of the software maker's stock valued at $80,000 after acquiring an additional 828 shares during the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on OTEX. TD Securities upgraded Open Text to a "hold" rating in a research report on Monday, February 2nd. UBS Group set a $26.00 price target on Open Text in a research report on Friday, February 6th. Royal Bank Of Canada lowered their price target on Open Text from $33.00 to $30.00 and set a "sector perform" rating for the company in a research report on Friday, February 6th. Barclays lowered their price target on Open Text from $30.00 to $25.00 and set an "equal weight" rating for the company in a research report on Monday. Finally, Raymond James Financial lowered their price target on Open Text from $48.00 to $42.00 and set an "outperform" rating for the company in a research report on Friday, February 6th. Three investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $35.33.

Open Text Stock Performance

NASDAQ:OTEX opened at $22.43 on Friday. The firm has a market capitalization of $5.43 billion, a PE ratio of 13.19 and a beta of 1.08. The business's fifty day moving average price is $23.29 and its 200 day moving average price is $29.67. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.94 and a quick ratio of 0.94. Open Text Corporation has a 12 month low of $20.00 and a 12 month high of $39.90.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its earnings results on Thursday, February 5th. The software maker reported $1.13 EPS for the quarter, beating the consensus estimate of $1.04 by $0.09. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.29 billion. Open Text had a return on equity of 23.60% and a net margin of 8.42%.Open Text's revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.11 earnings per share. On average, sell-side analysts anticipate that Open Text Corporation will post 3.98 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend was Friday, March 6th. Open Text's dividend payout ratio is 64.71%.

Open Text Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company's platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text's product suite includes content services, business process management, customer experience management, analytics and security products.

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