Guardian Partners Inc. Reduces Holdings in Open Text Corporation $OTEX

Guardian Partners Inc. lowered its position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 86.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,827 shares of the software maker’s stock after selling 196,112 shares during the period. Guardian Partners Inc.’s holdings in Open Text were worth $664,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. CIBC Private Wealth Group LLC acquired a new position in Open Text in the third quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of 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 valued at $52,000 after purchasing an additional 1,580 shares during the last quarter. WealthCollab LLC lifted its stake 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 purchasing an additional 464 shares during the last quarter. Osaic Holdings Inc. grew its holdings in shares of Open Text by 108.8% during the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after purchasing an additional 937 shares during the period. Finally, Barclays PLC grew its holdings in shares of Open Text by 55.5% during the 4th quarter. Barclays PLC now owns 1,854 shares of the software maker’s stock worth $60,000 after purchasing an additional 662 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

OTEX has been the topic of several research analyst reports. National Bank Financial reduced their price objective on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Wall Street Zen lowered shares of Open Text from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Scotiabank dropped their price target on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research report on Friday, May 8th. Scotia reduced their price target on shares of 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. Finally, Citigroup decreased their price objective on shares of Open Text from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $33.67.

Open Text Price Performance

OTEX stock opened at $24.79 on Wednesday. The business’s fifty day moving average price is $22.68 and its 200 day moving average price is $23.92. Open Text Corporation has a 12-month low of $19.77 and a 12-month high of $39.90. The company has a market capitalization of $6.00 billion, a PE ratio of 12.09 and a beta of 1.04. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.56.

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

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were issued a dividend of $0.275 per share. The ex-dividend date was Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a yield of 4.4%. Open Text’s dividend payout ratio is 53.66%.

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.