Naples Global Advisors LLC Takes $656,000 Position in Open Text Corporation $OTEX

Naples Global Advisors LLC bought a new stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the second quarter, HoldingsChannel.com reports. The fund bought 22,455 shares of the software maker’s stock, valued at approximately $656,000.

Other hedge funds have also recently modified their holdings of the company. Vident Advisory LLC grew its stake in Open Text by 6.6% in the first quarter. Vident Advisory LLC now owns 11,681 shares of the software maker’s stock worth $295,000 after purchasing an additional 722 shares in the last quarter. Versant Capital Management Inc bought a new position in Open Text in the first quarter worth approximately $26,000. Parallel Advisors LLC grew its stake in Open Text by 219.3% in 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 in the last quarter. Raymond James Financial Inc. grew its stake in Open Text by 1.4% in the first quarter. Raymond James Financial Inc. now owns 127,887 shares of the software maker’s stock worth $3,230,000 after purchasing an additional 1,757 shares in the last quarter. Finally, Alps Advisors Inc. grew its stake in Open Text by 5.8% in the first quarter. Alps Advisors Inc. now owns 33,109 shares of the software maker’s stock worth $836,000 after purchasing an additional 1,807 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. National Bank Financial raised Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research note on Monday, September 15th. Barclays reissued a “positive” rating on shares of Open Text in a research note on Friday, August 8th. Jefferies Financial Group lowered Open Text from a “buy” rating to a “hold” rating and set a $33.00 target price for the company. in a report on Tuesday, August 12th. Royal Bank Of Canada upped their target price on Open Text from $30.00 to $35.00 and gave the stock a “sector perform” rating in a report on Tuesday, September 2nd. Finally, CIBC restated a “neutral” rating on shares of Open Text in a report on Monday, August 11th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $36.55.

Open Text Stock Performance

Shares of OTEX stock opened at $37.66 on Friday. The firm has a market capitalization of $9.52 billion, a price-to-earnings ratio of 22.82 and a beta of 1.17. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.80 and a quick ratio of 0.80. The business has a fifty day moving average of $33.27 and a 200 day moving average of $29.43. Open Text Corporation has a 1 year low of $22.79 and a 1 year high of $39.04.

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

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were paid a $0.275 dividend. This is a positive change from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a yield of 2.9%. Open Text’s dividend payout ratio (DPR) is 66.67%.

Open Text 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.