Virtus Advisers LLC Buys Shares of 90,450 Open Text Corporation $OTEX

Virtus Advisers LLC purchased a new stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the second quarter, HoldingsChannel reports. The firm purchased 90,450 shares of the software maker’s stock, valued at approximately $2,839,000. Open Text makes up approximately 1.1% of Virtus Advisers LLC’s investment portfolio, making the stock its 11th largest position.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vise Technologies Inc. acquired a new stake in Open Text in the 2nd quarter valued at about $203,000. Quartz Partners LLC purchased a new stake in Open Text in the 2nd quarter valued at approximately $4,045,000. BlackRock Inc. acquired a new stake in Open Text during the 2nd quarter valued at $46,144,000. Deutsche Bank AG acquired a new stake in Open Text during the 2nd quarter valued at $7,174,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Open Text in the second quarter valued at $1,973,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on OTEX shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Open Text in a research report on Wednesday, June 24th. Raymond James Financial downgraded shares of Open Text from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $35.00 to $29.50 in a report on Thursday, August 6th. Scotiabank cut their price objective on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a research report on Friday, August 7th. Scotia reduced their price objective on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 7th. Finally, Royal Bank Of Canada decreased their target price on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Friday, May 8th. Three analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat, Open Text presently has an average rating of “Hold” and an average price target of $32.46.

Open Text Trading Up 0.4%

Shares of OTEX stock opened at $24.60 on Friday. The firm’s 50-day simple moving average is $23.26 and its 200-day simple moving average is $23.34. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.81 and a quick ratio of 0.81. Open Text Corporation has a 1-year low of $19.77 and a 1-year high of $39.90. The firm has a market cap of $5.96 billion, a P/E ratio of 9.53 and a beta of 1.03.

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

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date 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 currently 42.64%.

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.