Meritage Portfolio Management Boosts Holdings in Open Text Corporation $OTEX

Meritage Portfolio Management boosted its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 17.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 154,162 shares of the software maker’s stock after purchasing an additional 22,755 shares during the quarter. Meritage Portfolio Management owned about 0.06% of Open Text worth $5,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of OTEX. CIBC Private Wealth Group LLC purchased a new stake in Open Text in the 3rd quarter worth approximately $33,000. WealthCollab LLC lifted its stake in Open Text by 39.5% in 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 in the last quarter. Osaic Holdings Inc. lifted 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 purchasing an additional 937 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Open Text by 39.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after purchasing an additional 570 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in Open Text by 63.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,141 shares of the software maker’s stock worth $80,000 after purchasing an additional 828 shares in the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on OTEX shares. Zacks Research cut shares of Open Text from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Canadian Imperial Bank of Commerce decreased their price target on shares of Open Text from $40.00 to $37.00 and set a “neutral” rating on the stock in a report on Friday, January 16th. Citigroup decreased their price target on shares of Open Text from $36.00 to $26.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of Open Text in a report on Monday, December 29th. Finally, Raymond James Financial decreased their price target on shares of Open Text from $48.00 to $42.00 and set an “outperform” rating on the stock in a report on Friday, February 6th. Three research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $35.33.

Open Text Price Performance

OTEX stock opened at $23.36 on Tuesday. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.94 and a current ratio of 0.94. Open Text Corporation has a 52 week low of $20.00 and a 52 week high of $39.90. The firm’s fifty day moving average is $23.43 and its 200 day moving average is $29.98. The firm has a market cap of $5.66 billion, a P/E ratio of 13.74 and a beta of 1.08.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, February 5th. The software maker reported $1.13 EPS for the quarter, beating the consensus estimate of $1.04 by $0.09. Open Text had a net margin of 8.42% and a return on equity of 23.60%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the firm earned $1.11 EPS. The firm’s quarterly revenue was down .6% compared to the same quarter last year. Research analysts predict that Open Text Corporation will post 3.98 earnings per share for the current year.

Open Text Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend was Friday, March 6th. Open Text’s dividend payout ratio (DPR) is 64.71%.

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.