Open Text Corporation $OTEX Shares Bought by Aviso Financial Inc.

Key Points

• Aviso Financial Inc. increased its stake in Open Text Corporation by 14.0%, owning 84,902 shares valued at $2,144,000 after acquiring additional shares in the first quarter.
• Open Text recently reported an EPS of $0.97 for the last quarter, exceeding analysts' expectations, with a revenue of $1.32 billion, despite a 3.8% year-over-year decline in revenue.
• The company announced an increase in its quarterly dividend to $0.275 per share, representing an annual yield of 3.5%, with the next payout scheduled for September 19th.

Aviso Financial Inc. grew its stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 14.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 84,902 shares of the software maker's stock after acquiring an additional 10,453 shares during the period. Aviso Financial Inc.'s holdings in Open Text were worth $2,144,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Versant Capital Management Inc purchased a new position in shares of Open Text during the 1st quarter worth approximately $26,000. Parallel Advisors LLC increased its stake in shares of Open Text by 219.3% during the 1st quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock worth $49,000 after purchasing an additional 1,331 shares in the last quarter. Aquatic Capital Management LLC purchased a new position in shares of Open Text during the 4th quarter worth approximately $60,000. Headlands Technologies LLC grew its stake in Open Text by 360.6% in the 1st quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker's stock worth $73,000 after acquiring an additional 2,261 shares during the period. Finally, Natixis grew its stake in Open Text by 1,075.1% in the 4th quarter. Natixis now owns 3,161 shares of the software maker's stock worth $90,000 after acquiring an additional 2,892 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on OTEX. Scotiabank lifted their target price on shares of Open Text from $30.00 to $35.00 and gave the stock a "sector perform" rating in a research note on Tuesday, August 12th. Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Barclays reaffirmed a "positive" rating on shares of Open Text in a research note on Friday, August 8th. Jefferies Financial Group cut shares of Open Text from a "buy" rating to a "hold" rating and set a $33.00 target price for the company. in a research note on Tuesday, August 12th. Finally, Citigroup lifted their target price on shares of Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $32.60.

Open Text Stock Performance

Shares of OTEX stock opened at $31.69 on Monday. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80. Open Text Corporation has a one year low of $22.79 and a one year high of $34.20. The company's 50-day simple moving average is $29.19 and its 200-day simple moving average is $27.65. The stock has a market capitalization of $8.06 billion, a price-to-earnings ratio of 19.21 and a beta of 1.12.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued 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 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 analysts' expectations of $1.30 billion. During the same quarter last year, the company posted $0.98 earnings per share. The company's quarterly revenue was down 3.8% compared to the same quarter last year. Equities analysts anticipate that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.5%. This is a positive change from Open Text's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. Open Text's dividend payout ratio (DPR) is currently 63.64%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.