Sequoia Financial Advisors LLC Invests $268,000 in Open Text Corporation $OTEX

Sequoia Financial Advisors LLC bought a new position in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 9,167 shares of the software maker's stock, valued at approximately $268,000.

Other large investors also recently modified their holdings of the company. Cromwell Holdings LLC lifted its position in shares of Open Text by 27.4% during the second quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker's stock worth $48,000 after purchasing an additional 352 shares in the last quarter. Headlands Technologies LLC lifted its position in shares of Open Text by 360.6% during the first quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker's stock worth $73,000 after purchasing an additional 2,261 shares in the last quarter. United Services Automobile Association acquired a new position in shares of Open Text during the first quarter worth approximately $213,000. Ridgewood Investments LLC lifted its position in shares of Open Text by 593.1% during the first quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker's stock worth $219,000 after purchasing an additional 7,414 shares in the last quarter. Finally, Callan Family Office LLC acquired a new position in shares of Open Text during the second quarter worth approximately $250,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Stock Down 0.1%

Shares of NASDAQ:OTEX opened at $39.17 on Thursday. Open Text Corporation has a 52 week low of $22.79 and a 52 week high of $39.90. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $9.91 billion, a PE ratio of 23.74 and a beta of 1.17. The company has a 50 day moving average price of $35.85 and a two-hundred day moving average price of $30.68.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its earnings results on Thursday, August 7th. The software maker reported $0.97 EPS for the quarter, beating 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 firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the prior year, the firm earned $0.98 earnings per share. The business's quarterly revenue was down 3.8% on a year-over-year basis. Analysts forecast that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were given a dividend of $0.275 per share. This is a positive change from Open Text's previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Friday, September 5th. Open Text's payout ratio is currently 66.67%.

Analyst Upgrades and Downgrades

OTEX has been the topic of a number of research reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Open Text in a research report on Wednesday, October 8th. TD Cowen reissued a "hold" rating and set a $40.00 price target on shares of Open Text in a research note on Friday, October 3rd. CIBC reissued a "neutral" rating on shares of Open Text in a research note on Monday, August 11th. National Bank Financial raised shares of Open Text from a "sector perform" rating to an "outperform" rating and set a $45.00 price target for the company in a research note on Monday, September 15th. Finally, Barclays boosted their price target on shares of Open Text from $33.00 to $39.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $38.08.

Open Text Company 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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