Connor Clark & Lunn Investment Management Ltd. Sells 39,000 Shares of Open Text Corporation (NASDAQ:OTEX)

Connor Clark & Lunn Investment Management Ltd. lowered its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 12.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 268,300 shares of the software maker’s stock after selling 39,000 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Open Text were worth $6,773,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc bought a new position in shares of Open Text in the first quarter valued at approximately $26,000. Parallel Advisors LLC raised its stake in shares of Open Text by 219.3% in the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker’s stock valued at $49,000 after acquiring an additional 1,331 shares during the last quarter. Stifel Financial Corp raised its stake in shares of Open Text by 2.2% in the fourth quarter. Stifel Financial Corp now owns 68,511 shares of the software maker’s stock valued at $1,940,000 after acquiring an additional 1,453 shares during the last quarter. LPL Financial LLC raised its stake in shares of Open Text by 8.7% in the fourth quarter. LPL Financial LLC now owns 18,509 shares of the software maker’s stock valued at $524,000 after acquiring an additional 1,479 shares during the last quarter. Finally, Alps Advisors Inc. raised its stake in shares of Open Text by 5.8% in the first quarter. Alps Advisors Inc. now owns 33,109 shares of the software maker’s stock valued at $836,000 after acquiring an additional 1,807 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Open Text Trading Down 2.2%

NASDAQ:OTEX opened at $30.22 on Tuesday. Open Text Corporation has a 1-year low of $22.79 and a 1-year high of $34.20. The business’s 50-day moving average price is $28.99 and its two-hundred day moving average price is $27.61. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61. The firm has a market capitalization of $7.69 billion, a price-to-earnings ratio of 18.32 and a beta of 1.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, August 7th. The software maker reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.11. Open Text had a return on equity of 22.52% and a net margin of 8.43%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the firm posted $0.98 earnings per share. The company’s quarterly revenue was down 3.8% on a year-over-year basis. On average, equities analysts expect that Open Text Corporation will post 3.45 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 19th. Shareholders of record on Friday, September 5th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Open Text’s previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a yield of 3.6%. Open Text’s payout ratio is currently 63.64%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on OTEX. BMO Capital Markets cut their target price on shares of Open Text from $30.00 to $28.00 and set a “market perform” rating for the company in a research note on Friday, May 2nd. Citigroup upped their price objective on Open Text from $29.00 to $43.00 and gave the stock a “negative” rating in a report on Friday, May 2nd. Scotiabank reduced their price objective on Open Text from $35.00 to $30.00 and set a “sector perform” rating on the stock in a report on Monday, April 28th. Royal Bank Of Canada reduced their price objective on Open Text from $31.00 to $30.00 and set a “sector perform” rating on the stock in a report on Tuesday, April 22nd. Finally, Wall Street Zen raised Open Text from a “hold” rating to a “buy” rating in a report on Saturday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $32.00.

Open Text Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.