Open Text Corporation $OTEX Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn boosted its position in Open Text by 456% in Q3 to 2,312,755 shares, now owning 0.92% of the company worth about $86.4M.
• Open Text beat the most recent quarter's estimates with EPS of $1.13 (vs. $1.04 est.) and revenue of $1.32B (vs. $1.29B), but analysts' consensus rating remains "Hold" with a $35.75 price target.
• The stock trades near $24 with a $6.01B market cap and 14.11 PE, and pays a quarterly dividend of $0.275 (annualized yield 4.6%, ex-dividend March 6, payable March 20).

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 456.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 2,312,755 shares of the software maker's stock after buying an additional 1,896,755 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.92% of Open Text worth $86,429,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Tidal Investments LLC raised its holdings in Open Text by 2.6% in the 2nd quarter. Tidal Investments LLC now owns 18,059 shares of the software maker's stock valued at $527,000 after acquiring an additional 460 shares during the last quarter. WealthCollab LLC grew its position in shares of 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 purchasing an additional 464 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of 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 purchasing an additional 570 shares during the period. MAI Capital Management increased its stake in Open Text by 58.7% in the second quarter. MAI Capital Management now owns 1,595 shares of the software maker's stock valued at $47,000 after purchasing an additional 590 shares during the last quarter. Finally, Access Investment Management LLC increased its stake in Open Text by 0.3% in the third quarter. Access Investment Management LLC now owns 199,835 shares of the software maker's stock valued at $7,470,000 after purchasing an additional 590 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.

Open Text Stock Performance

Shares of NASDAQ:OTEX opened at $23.99 on Thursday. The business has a 50-day moving average of $27.13 and a two-hundred day moving average of $32.56. The firm has a market capitalization of $6.01 billion, a PE ratio of 14.11 and a beta of 1.08. 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 $22.44 and a 12 month high of $39.90.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings data on Thursday, February 5th. The software maker reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.09. The business 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%.The company's revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.11 EPS. As a group, research analysts forecast that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 4.6%. The ex-dividend date is Friday, March 6th. Open Text's payout ratio is currently 64.71%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Canadian Imperial Bank of Commerce decreased their price target on Open Text from $40.00 to $37.00 and set a "neutral" rating on the stock in a research note on Friday, January 16th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Open Text in a report on Monday, December 29th. Barclays decreased their target price on shares of Open Text from $39.00 to $30.00 and set an "equal weight" rating on the stock in a research report on Friday, February 6th. TD Securities upgraded shares of Open Text to a "hold" rating in a report on Monday, February 2nd. Finally, Raymond James Financial dropped their price target on shares of 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 analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $35.75.

About Open Text

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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