Picton Mahoney Asset Management Acquires Shares of 312,223 Open Text Corporation $OTEX

Picton Mahoney Asset Management bought a new position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 312,223 shares of the software maker’s stock, valued at approximately $11,668,000.

A number of other large investors have also recently made changes to their positions in the company. Tidal Investments LLC raised its position in Open Text by 2.6% in the 2nd quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock worth $527,000 after purchasing an additional 460 shares during the period. WealthCollab LLC grew its stake in shares of Open Text by 39.5% during the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after buying an additional 464 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Open Text by 39.7% in the second 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. MAI Capital Management lifted its stake in shares of Open Text by 58.7% during the 2nd quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock worth $47,000 after acquiring an additional 590 shares during the last quarter. Finally, Access Investment Management LLC boosted its holdings in Open Text by 0.3% during the 3rd quarter. Access Investment Management LLC now owns 199,835 shares of the software maker’s stock valued at $7,470,000 after acquiring an additional 590 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on OTEX shares. Zacks Research lowered Open Text from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Canadian Imperial Bank of Commerce reduced their price target on shares of Open Text from $40.00 to $37.00 and set a “neutral” rating on the stock in a research note on Friday, January 16th. TD Securities upgraded shares of Open Text to a “hold” rating in a report on Monday, February 2nd. Jefferies Financial Group upped their target price on shares of Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a research note on Thursday, November 6th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Open Text in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $35.75.

Open Text Stock Up 1.3%

Shares of Open Text stock opened at $25.06 on Thursday. Open Text Corporation has a 1 year low of $22.44 and a 1 year high of $39.90. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market cap of $6.28 billion, a price-to-earnings ratio of 14.74 and a beta of 1.08. The firm’s 50-day moving average is $27.93 and its two-hundred day moving average is $32.79.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, February 5th. The software maker reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.09. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Open Text had a net margin of 8.42% and a return on equity of 23.60%. The company’s revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.11 EPS. As a group, research analysts expect that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be issued a $0.275 dividend. The ex-dividend date is Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.4%. Open Text’s dividend payout ratio (DPR) is currently 64.71%.

Open Text 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.