J. Safra Sarasin Holding AG Decreases Stake in Open Text Corporation $OTEX

J. Safra Sarasin Holding AG lessened its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 77.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,984 shares of the software maker’s stock after selling 37,782 shares during the quarter. J. Safra Sarasin Holding AG’s holdings in Open Text were worth $320,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Versant Capital Management Inc purchased a new position in Open Text in the 1st quarter worth approximately $26,000. Parallel Advisors LLC lifted its stake in Open Text by 219.3% during the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker’s stock worth $49,000 after purchasing an additional 1,331 shares during the last quarter. Headlands Technologies LLC lifted its stake in Open Text by 360.6% during the first quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker’s stock worth $73,000 after purchasing an additional 2,261 shares during the last quarter. United Services Automobile Association bought a new position in Open Text during the first quarter worth $213,000. Finally, Ridgewood Investments LLC increased its position in Open Text by 593.1% in the first quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker’s stock worth $219,000 after buying an additional 7,414 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

Shares of NASDAQ OTEX opened at $37.94 on Friday. Open Text Corporation has a 12 month low of $22.79 and a 12 month high of $39.04. The company has a market cap of $9.60 billion, a P/E ratio of 22.99 and a beta of 1.17. The business’s 50 day moving average is $33.41 and its two-hundred day moving average is $29.54. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, August 7th. The software maker reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.11. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter last year, the firm earned $0.98 EPS. Open Text’s revenue for the quarter was down 3.8% compared to the same quarter last year. On average, equities analysts expect that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Friday, September 5th. This is a boost from Open Text’s previous quarterly dividend of $0.26. Open Text’s payout ratio is 66.67%.

Analysts Set New Price Targets

A number of research analysts have recently commented on OTEX shares. CIBC reissued a “neutral” rating on shares of Open Text in a report on Monday, August 11th. Wall Street Zen raised Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. TD Securities lowered Open Text from a “buy” rating to a “hold” rating and increased their price target for the company from $35.00 to $40.00 in a research report on Friday. National Bank Financial upgraded Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Monday, September 15th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Open Text in a research report on Saturday, September 27th. Four equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target 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.