Parvin Asset Management LLC Makes New Investment in Open Text Corporation $OTEX

Parvin Asset Management LLC purchased a new stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 33,250 shares of the software maker’s stock, valued at approximately $736,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Tidal Investments LLC boosted its holdings in Open Text by 2.6% in the 2nd 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 period. WealthCollab LLC grew its position in Open Text by 39.5% during the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after buying an additional 464 shares in the last quarter. Byrne Asset Management LLC increased its stake in Open Text by 11.5% during the 2nd quarter. Byrne Asset Management LLC now owns 4,837 shares of the software maker’s stock worth $107,000 after acquiring an additional 500 shares during the period. Vident Advisory LLC increased its stake in Open Text by 3.7% during the 4th quarter. Vident Advisory LLC now owns 15,715 shares of the software maker’s stock worth $512,000 after acquiring an additional 555 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings 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 valued at $59,000 after acquiring an additional 570 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Analyst Ratings Changes

OTEX has been the subject of a number of recent analyst reports. Citigroup upped their target price on Open Text from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. UBS Group boosted their price target on Open Text from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Zacks Research cut shares of Open Text from a “hold” rating to a “strong sell” rating in a research report on Friday, August 21st. Wall Street Zen lowered shares of Open Text from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Open Text in a research report on Wednesday, June 24th. Three research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $32.46.

Open Text Trading Down 0.1%

OTEX opened at $24.33 on Thursday. 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 fifty-two week low of $19.77 and a fifty-two week high of $39.90. The company’s 50 day moving average price is $23.47 and its two-hundred day moving average price is $23.36. The firm has a market capitalization of $5.89 billion, a price-to-earnings ratio of 9.43 and a beta of 1.03.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.21. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.29 billion. Open Text had a net margin of 12.26% and a return on equity of 25.76%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.97 earnings per share. As a group, research analysts predict that Open Text Corporation will post 3.72 earnings per share for the current year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.12 annualized dividend and a yield of 4.6%. This is an increase from Open Text’s previous quarterly dividend of $0.28. Open Text’s dividend payout ratio is 42.64%.

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.