Sound Income Strategies LLC Takes Position in Open Text Corporation $OTEX

Sound Income Strategies LLC acquired a new stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 168,985 shares of the software maker’s stock, valued at approximately $3,809,000. Sound Income Strategies LLC owned approximately 0.07% of Open Text as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the business. Tidal Investments LLC lifted its holdings in Open Text by 2.6% during the second quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock worth $527,000 after buying an additional 460 shares during the period. WealthCollab LLC boosted its position in Open Text by 39.5% during 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 in the last quarter. Vident Advisory LLC increased 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 valued at $512,000 after acquiring an additional 555 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Open Text by 39.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after acquiring an additional 570 shares during the period. Finally, State of Tennessee Department of Treasury raised its position 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 worth $4,817,000 after acquiring an additional 584 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Stock Performance

Shares of OTEX opened at $23.04 on Friday. Open Text Corporation has a 12 month low of $19.77 and a 12 month high of $39.90. The stock has a fifty day moving average price of $22.72 and a 200-day moving average price of $25.17. 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 firm has a market cap of $5.59 billion, a PE ratio of 11.24 and a beta of 1.04.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, topping 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 firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the previous year, the business earned $0.82 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Equities research analysts predict that Open Text Corporation will post 4.05 earnings per share for the current fiscal year.

Open Text Announces Dividend

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

Analyst Ratings Changes

A number of brokerages recently weighed in on OTEX. Scotiabank decreased their price objective on Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research note on Friday, May 8th. Scotia cut their target price 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. National Bank Financial reduced their target price on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Royal Bank Of Canada decreased their price target on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a research report on Friday, May 8th. Finally, UBS Group set a $25.00 price target on shares of Open Text in a report on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $33.67.

About Open Text

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.