Value Partners Investments Inc. Has $58.96 Million Stock Holdings in Open Text Corporation (NASDAQ:OTEX)

Value Partners Investments Inc. increased its holdings in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 1,162.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,333,539 shares of the software maker's stock after acquiring an additional 2,148,639 shares during the period. Open Text makes up 5.1% of Value Partners Investments Inc.'s investment portfolio, making the stock its 6th largest holding. Value Partners Investments Inc. owned about 0.90% of Open Text worth $58,955,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. lifted its stake in shares of Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after buying an additional 398 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock worth $29,000 after buying an additional 515 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Open Text by 1.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,637 shares of the software maker's stock worth $1,857,000 after buying an additional 947 shares in the last quarter. Versant Capital Management Inc bought a new position in shares of Open Text in the first quarter worth approximately $26,000. Finally, Parallel Advisors LLC lifted its stake in shares of Open Text by 219.3% in the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock worth $49,000 after buying an additional 1,331 shares in the last quarter. Institutional investors own 70.37% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Royal Bank Of Canada dropped their target price on shares of Open Text from $31.00 to $30.00 and set a "sector perform" rating on the stock in a research note on Tuesday, April 22nd. Barclays dropped their target price on shares of Open Text from $36.00 to $29.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. National Bankshares decreased their price objective on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a report on Friday, April 25th. UBS Group decreased their price objective on shares of Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Finally, CIBC decreased their price objective on shares of Open Text from $33.00 to $31.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Open Text has a consensus rating of "Hold" and a consensus price target of $32.30.

Open Text Stock Performance

OTEX stock traded down $0.19 during midday trading on Friday, reaching $28.68. 1,349,619 shares of the company's stock traded hands, compared to its average volume of 938,513. Open Text Corporation has a 52-week low of $22.79 and a 52-week high of $34.20. The stock has a market cap of $7.36 billion, a P/E ratio of 11.71 and a beta of 1.13. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.54. The stock's 50-day moving average is $27.76 and its 200 day moving average is $27.36.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its earnings results on Wednesday, April 30th. The software maker reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.81 by $0.01. Open Text had a net margin of 12.55% and a return on equity of 22.49%. The business had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same period in the prior year, the company earned $0.94 earnings per share. The firm's revenue was down 13.3% on a year-over-year basis. As a group, analysts anticipate that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a dividend of $0.2625 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.05 dividend on an annualized basis and a yield of 3.66%. Open Text's dividend payout ratio is currently 42.86%.

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.