Tidal Investments LLC Grows Stake in Open Text Corporation $OTEX

Tidal Investments LLC lifted its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 797.0% during the 2nd quarter, Holdings Channel.com reports. The fund owned 300,997 shares of the software maker’s stock after buying an additional 267,440 shares during the period. Tidal Investments LLC’s holdings in Open Text were worth $6,667,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. WealthCollab LLC increased its stake in Open Text by 39.5% in 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. Byrne Asset Management LLC raised its holdings in Open Text by 11.5% during the second quarter. Byrne Asset Management LLC now owns 4,837 shares of the software maker’s stock worth $107,000 after purchasing an additional 500 shares in the last quarter. Vident Advisory LLC lifted its position in shares of Open Text by 3.7% during the 4th quarter. Vident Advisory LLC now owns 15,715 shares of the software maker’s stock worth $512,000 after buying an additional 555 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of 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 buying an additional 570 shares during the last quarter. Finally, State of Tennessee Department of Treasury boosted its holdings in shares of Open Text by 0.4% in the 4th quarter. State of Tennessee Department of Treasury now owns 147,862 shares of the software maker’s stock valued at $4,817,000 after buying an additional 584 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Price Performance

Shares of NASDAQ:OTEX opened at $23.06 on Friday. The company has a 50-day simple moving average of $24.00 and a 200-day simple moving average of $23.30. Open Text Corporation has a one year low of $19.77 and a one year high of $39.90. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $5.58 billion, a price-to-earnings ratio of 8.94 and a beta of 1.02.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.21. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.29 billion. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The business’s revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company posted $0.97 earnings per share. On average, analysts predict that Open Text Corporation will post 3.72 EPS for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 4.9%. 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. Open Text’s payout ratio is 43.41%.

Analysts Set New Price Targets

OTEX has been the topic of several research analyst reports. UBS Group lifted their price target on shares of Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. National Bank Financial decreased their price objective on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th. Zacks Research lowered Open Text from a “hold” rating to a “strong sell” rating in a report on Friday, August 21st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Open Text in a research report on Wednesday, June 24th. Finally, Scotiabank reduced their target price on Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a report on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $32.46.

Open Text Company Profile

Open Text Corporation (NASDAQ: OTEX) is a Canadian software company that develops enterprise information management solutions. Its products help organizations capture, manage, secure, govern and exchange business information across content, processes and communications.

The company offers software and services through areas that include content management, business process automation, customer experience management, business-to-business integration, data protection and cybersecurity. OpenText’s portfolio supports cloud and on-premises deployments and is designed for use by businesses, governments and other large organizations.

Founded in 1991 and headquartered in Waterloo, Ontario, OpenText serves customers internationally across a broad range of industries and geographies.