Flagship Harbor Advisors LLC Buys 367 Shares of Open Text Corp (NASDAQ:OTEX)

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Flagship Harbor Advisors LLC raised its holdings in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 141.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 627 shares of the software maker’s stock after acquiring an additional 367 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Open Text were worth $25,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Meridian Wealth Management LLC acquired a new position in Open Text in the 1st quarter valued at approximately $25,000. Zions Bancorporation N.A. acquired a new position in Open Text in the 1st quarter valued at approximately $27,000. Icon Wealth Partners LLC acquired a new position in Open Text in the 1st quarter valued at approximately $46,000. Shine Investment Advisory Services Inc. increased its position in Open Text by 18.3% in the 1st quarter. Shine Investment Advisory Services Inc. now owns 2,622 shares of the software maker’s stock valued at $101,000 after acquiring an additional 405 shares during the period. Finally, Bremer Bank National Association acquired a new position in Open Text in the 1st quarter valued at approximately $109,000. Hedge funds and other institutional investors own 67.33% of the company’s stock.

OTEX opened at $37.53 on Tuesday. Open Text Corp has a twelve month low of $30.99 and a twelve month high of $44.49. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.54 and a current ratio of 1.54. The business’s fifty day moving average price is $42.00. The firm has a market capitalization of $10.47 billion, a PE ratio of 35.41 and a beta of 0.53.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.10). Open Text had a return on equity of 7.50% and a net margin of 9.95%. The firm had revenue of $747.20 million for the quarter, compared to analyst estimates of $763.51 million. During the same quarter last year, the company earned $0.72 earnings per share. The company’s quarterly revenue was down .9% compared to the same quarter last year. On average, equities research analysts anticipate that Open Text Corp will post 1.59 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be given a dividend of $0.175 per share. The ex-dividend date of this dividend is Thursday, August 29th. This is a boost from Open Text’s previous quarterly dividend of $0.17. This represents a $0.70 annualized dividend and a dividend yield of 1.87%. Open Text’s dividend payout ratio is 66.04%.

Several brokerages have issued reports on OTEX. CIBC restated a “buy” rating and issued a $53.00 price target on shares of Open Text in a research report on Sunday. Benchmark restated a “buy” rating and issued a $48.00 price target (up from $42.00) on shares of Open Text in a research report on Thursday, July 11th. TD Securities upped their price target on shares of Open Text from $45.00 to $48.00 and gave the company a “buy” rating in a research report on Friday. Zacks Investment Research cut shares of Open Text from a “buy” rating to a “hold” rating in a research report on Friday. Finally, BidaskClub upgraded shares of Open Text from a “sell” rating to a “hold” rating in a research report on Friday, May 3rd. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Open Text currently has a consensus rating of “Buy” and an average price target of $47.33.

Open Text Company Profile

Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.

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Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

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