Open Text Corporation $OTEX Stake Raised by Brandes Investment Partners LP

Brandes Investment Partners LP grew its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 1.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,106,157 shares of the software maker’s stock after acquiring an additional 106,766 shares during the quarter. Open Text comprises about 2.3% of Brandes Investment Partners LP’s portfolio, making the stock its 3rd largest position. Brandes Investment Partners LP’s holdings in Open Text were worth $296,679,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Tidal Investments LLC raised its stake in shares of Open Text by 2.6% in the second quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock valued at $527,000 after acquiring an additional 460 shares during the period. WealthCollab LLC raised its stake in shares of Open Text by 39.5% in the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after acquiring an additional 464 shares during the period. EverSource Wealth Advisors LLC increased its stake in Open Text by 39.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after buying an additional 570 shares during the period. Lazard Asset Management LLC increased its stake in Open Text by 1.0% in the 2nd quarter. Lazard Asset Management LLC now owns 66,512 shares of the software maker’s stock worth $1,942,000 after buying an additional 655 shares during the period. Finally, Hantz Financial Services Inc. increased its stake in Open Text by 2.1% in the 4th quarter. Hantz Financial Services Inc. now owns 39,183 shares of the software maker’s stock worth $1,277,000 after buying an additional 794 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Trading Down 1.6%

NASDAQ OTEX opened at $22.16 on Wednesday. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $5.38 billion, a price-to-earnings ratio of 10.81 and a beta of 1.05. The company’s 50-day simple moving average is $22.96 and its two-hundred day simple moving average is $26.60. Open Text Corporation has a one year low of $20.00 and a one year high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, May 7th. The software maker reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.07. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.26 billion. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.82 EPS. Equities analysts forecast that Open Text Corporation will post 4.05 EPS for the current fiscal year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a yield of 5.0%. Open Text’s dividend payout ratio (DPR) is 53.66%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on OTEX. Royal Bank Of Canada dropped their target price on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Friday, May 8th. Wall Street Zen upgraded shares of Open Text from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Raymond James Financial dropped their target price on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. National Bank Financial reduced their price objective on Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Finally, Citigroup reduced their price objective on Open Text from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Open Text has a consensus rating of “Hold” and an average price target of $33.67.

Open Text Company Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.