Open Text Corporation $OTEX Shares Acquired by Guardian Partners Inc.

Key Points

• Guardian Partners Inc. increased its ownership in Open Text Corporation by 9.5%, holding 203,426 shares valued at approximately $5.08 million as of its latest SEC filing.
• Open Text recently reported earnings of $0.97 EPS for the quarter, exceeding consensus estimates of $0.86, although quarterly revenue is down 3.8% compared to the same quarter last year.
• The company declared a quarterly dividend of $0.275 per share, up from the previous $0.26, reflecting a 3.3% yield and a payout ratio of 66.67%.

Guardian Partners Inc. lifted its position in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 9.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 203,426 shares of the software maker's stock after purchasing an additional 17,654 shares during the quarter. Guardian Partners Inc. owned 0.08% of Open Text worth $5,083,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vident Advisory LLC grew its stake in Open Text by 6.6% in the 1st quarter. Vident Advisory LLC now owns 11,681 shares of the software maker's stock valued at $295,000 after acquiring an additional 722 shares during the period. Versant Capital Management Inc acquired a new stake in Open Text in the 1st quarter valued at $26,000. Parallel Advisors LLC grew its stake in Open Text by 219.3% in the 1st 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 period. Raymond James Financial Inc. grew its stake in Open Text by 1.4% in the 1st quarter. Raymond James Financial Inc. now owns 127,887 shares of the software maker's stock valued at $3,230,000 after acquiring an additional 1,757 shares during the period. Finally, Alps Advisors Inc. grew its stake in Open Text by 5.8% in the 1st 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 period. Institutional investors and hedge funds own 70.37% of the company's stock.

Open Text Stock Down 0.7%

NASDAQ OTEX opened at $33.23 on Monday. Open Text Corporation has a 52 week low of $22.79 and a 52 week high of $34.20. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. The business's fifty day simple moving average is $30.43 and its 200-day simple moving average is $28.06. The firm has a market cap of $8.45 billion, a PE ratio of 20.14 and a beta of 1.15.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings results on Thursday, August 7th. The software maker reported $0.97 EPS for the quarter, topping the consensus estimate of $0.86 by $0.11. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the previous year, the firm earned $0.98 EPS. The company's quarterly revenue was down 3.8% compared to the same quarter last year. As a group, equities analysts anticipate that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.275 per share. The ex-dividend date is Friday, September 5th. This represents a $1.10 annualized dividend and a dividend yield of 3.3%. This is a boost from Open Text's previous quarterly dividend of $0.26. Open Text's payout ratio is presently 66.67%.

Analysts Set New Price Targets

A number of research analysts have weighed in on OTEX shares. Barclays restated a "positive" rating on shares of Open Text in a report on Friday, August 8th. Wall Street Zen upgraded Open Text from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Royal Bank Of Canada raised their price objective on Open Text from $30.00 to $35.00 and gave the company a "sector perform" rating in a report on Tuesday, September 2nd. CIBC restated a "neutral" rating on shares of Open Text in a report on Monday, August 11th. Finally, Scotiabank raised their price objective on Open Text from $30.00 to $35.00 and gave the company a "sector perform" rating in a report on Tuesday, August 12th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $33.10.

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.

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