Open Text Corporation $OTEX Shares Purchased by Cardinal Point Capital Management ULC

Cardinal Point Capital Management ULC lifted its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 74.2% in the first quarter, Holdings Channel.com reports. The institutional investor owned 446,889 shares of the software maker’s stock after purchasing an additional 190,405 shares during the quarter. Cardinal Point Capital Management ULC’s holdings in Open Text were worth $9,939,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Tidal Investments LLC grew its holdings in shares of Open Text by 2.6% during the second quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock valued at $527,000 after purchasing an additional 460 shares during the last quarter. WealthCollab LLC raised its position in shares of Open Text by 39.5% during the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after purchasing an additional 464 shares during the period. Vident Advisory LLC lifted its holdings in shares of Open Text by 3.7% in the 4th quarter. Vident Advisory LLC now owns 15,715 shares of the software maker’s stock worth $512,000 after purchasing an additional 555 shares during the last quarter. EverSource Wealth Advisors LLC boosted 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 valued at $59,000 after purchasing an additional 570 shares during the period. Finally, State of Tennessee Department of Treasury boosted its position in Open Text by 0.4% during 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 purchasing an additional 584 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Price Performance

Shares of Open Text stock opened at $21.20 on Thursday. Open Text Corporation has a 52 week low of $19.77 and a 52 week high of $39.90. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.56. The stock has a market cap of $5.14 billion, a PE ratio of 10.34 and a beta of 1.05. The company’s 50-day moving average price is $22.83 and its two-hundred day moving average price is $25.66.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.07. The company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Open Text had a return on equity of 24.77% and a net margin of 9.91%.The firm’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.82 earnings per share. As a group, sell-side analysts anticipate that Open Text Corporation will post 4.05 EPS for the current fiscal year.

Open Text Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, June 5th were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 5.2%. The ex-dividend date of this dividend was Friday, June 5th. Open Text’s dividend payout ratio is currently 53.66%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wall Street Zen raised shares of Open Text from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. UBS Group set a $25.00 price objective on shares of Open Text in a research report on Friday, May 8th. Raymond James Financial reduced their target price on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a research note on Friday, May 8th. Barclays upped their target price on shares of Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Monday, May 11th. Finally, National Bank Financial cut their price target on Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Four analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $33.67.

Open Text Company 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.