Guardian Partners Inc. Increases Position in Open Text Corporation $OTEX

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. boosted its position in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 9.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 203,426 shares of the software maker's stock after purchasing an additional 17,654 shares during the period. Guardian Partners Inc. owned approximately 0.08% of Open Text worth $5,083,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its stake in shares of Open Text by 75.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker's stock valued at $36,307,000 after acquiring an additional 619,527 shares in the last quarter. Advisors Asset Management Inc. raised its stake in shares of Open Text by 75.2% during the first quarter. Advisors Asset Management Inc. now owns 10,719 shares of the software maker's stock valued at $271,000 after acquiring an additional 4,601 shares in the last quarter. Twin Tree Management LP raised its stake in shares of Open Text by 13,009.8% during the first quarter. Twin Tree Management LP now owns 55,061 shares of the software maker's stock valued at $1,391,000 after acquiring an additional 54,641 shares in the last quarter. Vident Advisory LLC raised its stake in shares of Open Text by 6.6% during the first 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 in the last quarter. Finally, Magnetar Financial LLC bought a new stake in shares of Open Text during the first quarter valued at approximately $873,000. Institutional investors own 70.37% of the company's stock.

Open Text Stock Up 1.2%

NASDAQ OTEX traded up $0.43 on Friday, hitting $35.68. The stock had a trading volume of 1,865,015 shares, compared to its average volume of 1,674,177. The business's fifty day moving average price is $30.95 and its 200 day moving average price is $28.33. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.80 and a quick ratio of 0.80. Open Text Corporation has a 52-week low of $22.79 and a 52-week high of $35.96. The stock has a market cap of $9.07 billion, a price-to-earnings ratio of 21.62 and a beta of 1.16.

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

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be issued a $0.275 dividend. This is an increase from Open Text's previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Friday, September 5th. Open Text's dividend payout ratio is presently 66.67%.

Analyst Ratings Changes

OTEX has been the subject of several research analyst reports. Royal Bank Of Canada lifted their price target on shares of Open Text from $30.00 to $35.00 and gave the company a "sector perform" rating in a research note on Tuesday, September 2nd. Jefferies Financial Group downgraded shares of Open Text from a "buy" rating to a "hold" rating and set a $33.00 price target for the company. in a research note on Tuesday, August 12th. CIBC reissued a "neutral" rating on shares of Open Text in a report on Monday, August 11th. Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Scotiabank lifted their price objective on shares of Open Text from $30.00 to $35.00 and gave the company a "sector perform" rating in a report on Tuesday, August 12th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price 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.