Sound Income Strategies LLC Makes New $3.81 Million Investment in Open Text Corporation $OTEX

Sound Income Strategies LLC purchased a new stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 168,985 shares of the software maker’s stock, valued at approximately $3,809,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CIBC Private Wealth Group LLC acquired a new stake in shares of Open Text during the third quarter worth $33,000. WealthCollab LLC increased its position in shares of Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after acquiring an additional 464 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in Open Text by 5,096.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock worth $52,000 after acquiring an additional 1,580 shares during the last quarter. Osaic Holdings Inc. raised its stake in Open Text by 108.8% in the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after acquiring an additional 937 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Open Text by 39.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after acquiring an additional 570 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Price Performance

Shares of OTEX opened at $23.04 on Friday. The business’s 50-day moving average is $22.72 and its two-hundred day moving average is $25.17. The company has a market capitalization of $5.59 billion, a P/E ratio of 11.24 and a beta of 1.04. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.94 and a current ratio of 0.94. Open Text Corporation has a fifty-two week low of $19.77 and a fifty-two week high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.07. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.26 billion. Open Text had a return on equity of 24.77% and a net margin of 9.91%.The company’s revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the business posted $0.82 EPS. Research analysts predict that Open Text Corporation will post 4.05 earnings per share for the current year.

Open Text Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, June 5th were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 4.8%. The ex-dividend date was Friday, June 5th. Open Text’s dividend payout ratio (DPR) is currently 53.66%.

Analyst Ratings Changes

OTEX has been the topic of several research analyst reports. Scotia dropped their price target on Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 8th. Scotiabank decreased their target price on Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a report on Friday, May 8th. Raymond James Financial dropped their target price on Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, May 8th. Barclays increased their price target on shares of Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Open Text in a research report on Wednesday, June 24th. Four analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $33.67.

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.