Open Text Corporation $OTEX Shares Acquired by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lifted its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 44.0% in the second quarter, Holdings Channel.com reports. The institutional investor owned 196,153 shares of the software maker’s stock after purchasing an additional 59,922 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Open Text were worth $4,345,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. CIBC Private Wealth Group LLC bought a new position in Open Text in the third quarter worth about $33,000. WealthCollab LLC grew its holdings 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 purchasing an additional 464 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Open Text by 5,096.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock valued at $52,000 after purchasing an additional 1,580 shares during the last quarter. Osaic Holdings Inc. raised its position in shares of Open Text by 108.8% during the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after purchasing an additional 937 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of 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 purchasing an additional 570 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Performance

Shares of NASDAQ OTEX opened at $23.95 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.43. The stock has a 50 day simple moving average of $23.03 and a 200-day simple moving average of $23.47. The company has a market cap of $5.80 billion, a PE ratio of 9.28 and a beta of 1.03. Open Text Corporation has a 12-month low of $19.77 and a 12-month high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, August 6th. The software maker reported $1.23 EPS for the quarter, beating the consensus estimate of $1.02 by $0.21. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The firm’s revenue was up 2.9% compared to the same quarter last year. During the same period last year, the firm earned $0.97 EPS. On average, equities research analysts forecast that Open Text Corporation will post 4.32 EPS for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Open Text’s previous quarterly dividend of $0.28. This represents a $1.12 annualized dividend and a dividend yield of 4.7%. Open Text’s dividend payout ratio (DPR) is currently 43.41%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on OTEX shares. Royal Bank Of Canada reduced their price objective on Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a research report on Friday, May 8th. Barclays increased their target price on Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Monday, May 11th. Wall Street Zen cut Open Text from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Scotiabank reduced their price target on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a report on Friday, August 7th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Open Text in a research report on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating and eleven have issued 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 $32.46.

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.