Mackenzie Financial Corp Has $86.86 Million Holdings in Open Text Corporation $OTEX

Mackenzie Financial Corp lessened its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 49.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,970,895 shares of the software maker’s stock after selling 2,905,108 shares during the period. Mackenzie Financial Corp owned about 1.17% of Open Text worth $86,863,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Arkadios Wealth Advisors bought a new stake in shares of Open Text during the 1st quarter valued at approximately $299,000. Natixis Advisors LLC boosted its position in Open Text by 15.0% in the first quarter. Natixis Advisors LLC now owns 47,243 shares of the software maker’s stock valued at $1,193,000 after buying an additional 6,168 shares in the last quarter. Blueshift Asset Management LLC grew its stake in shares of Open Text by 43.5% during the first quarter. Blueshift Asset Management LLC now owns 19,103 shares of the software maker’s stock worth $483,000 after buying an additional 5,791 shares during the last quarter. Bank of Nova Scotia increased its holdings in shares of Open Text by 11.9% during the first quarter. Bank of Nova Scotia now owns 1,897,979 shares of the software maker’s stock worth $47,910,000 after buying an additional 202,494 shares in the last quarter. Finally, Scotia Capital Inc. lifted its stake in shares of Open Text by 5.0% in the 1st quarter. Scotia Capital Inc. now owns 405,009 shares of the software maker’s stock valued at $10,134,000 after acquiring an additional 19,188 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on OTEX. Jefferies Financial Group boosted their price objective on Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a research report on Thursday, November 6th. Scotiabank upgraded Open Text from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $35.00 to $50.00 in a report on Wednesday, September 24th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Open Text in a report on Tuesday. Barclays lifted their target price on shares of Open Text from $33.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 21st. Finally, TD Securities cut shares of Open Text from a “buy” rating to a “hold” rating and upped their price target for the company from $35.00 to $40.00 in a research report on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Open Text has an average rating of “Hold” and an average target price of $39.42.

Open Text Stock Performance

NASDAQ:OTEX opened at $33.64 on Friday. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80. Open Text Corporation has a fifty-two week low of $22.79 and a fifty-two week high of $39.90. The company has a 50 day simple moving average of $36.85 and a two-hundred day simple moving average of $32.57. The company has a market capitalization of $8.48 billion, a PE ratio of 20.39 and a beta of 1.14.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Wednesday, November 5th. The software maker reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the prior year, the firm posted $0.93 EPS. The company’s quarterly revenue was up 1.5% on a year-over-year basis. Research analysts anticipate that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Friday, December 5th. Open Text’s dividend payout ratio (DPR) is presently 57.59%.

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.