Open Text Corporation $OTEX Shares Sold by Louisbourg Investments Inc.

Louisbourg Investments Inc. lessened its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 12.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 98,571 shares of the software maker’s stock after selling 13,894 shares during the period. Louisbourg Investments Inc.’s holdings in Open Text were worth $2,875,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of OTEX. RTD Financial Advisors Inc. purchased a new stake in shares of Open Text in the first quarter valued at $575,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new stake in shares of Open Text in the first quarter valued at $3,538,000. Lorne Steinberg Wealth Management Inc. lifted its holdings in shares of Open Text by 15.9% in the first quarter. Lorne Steinberg Wealth Management Inc. now owns 149,298 shares of the software maker’s stock valued at $3,772,000 after purchasing an additional 20,495 shares in the last quarter. Intact Investment Management Inc. lifted its holdings in shares of Open Text by 136.7% in the first quarter. Intact Investment Management Inc. now owns 606,440 shares of the software maker’s stock valued at $15,308,000 after purchasing an additional 350,200 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of Open Text in the first quarter valued at $323,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Trading Down 1.9%

NASDAQ OTEX opened at $38.60 on Friday. Open Text Corporation has a 1-year low of $22.79 and a 1-year high of $39.84. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61. The company has a market capitalization of $9.76 billion, a PE ratio of 23.39 and a beta of 1.17. The firm’s fifty day simple moving average is $34.31 and its 200-day simple moving average is $29.93.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its 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. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The business’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.98 earnings per share. As a group, sell-side 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 announced a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from Open Text’s previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a yield of 2.8%. Open Text’s dividend payout ratio (DPR) is currently 66.67%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. TD Securities lowered Open Text from a “buy” rating to a “hold” rating and increased their target price for the company from $35.00 to $40.00 in a report on Friday, October 3rd. National Bank Financial upgraded Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 target price for the company in a report on Monday, September 15th. Barclays restated a “positive” rating on shares of Open Text in a report on Friday, August 8th. Jefferies Financial Group downgraded shares of Open Text from a “buy” rating to a “hold” rating and set a $33.00 price target on the stock. in a research note on Tuesday, August 12th. Finally, Wall Street Zen raised shares of Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Four equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $37.25.

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.