Avior Wealth Management LLC Grows Position in Open Text Corporation $OTEX

Avior Wealth Management LLC lifted its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 69,666.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,860 shares of the software maker’s stock after buying an additional 41,800 shares during the period. Avior Wealth Management LLC’s holdings in Open Text were worth $1,222,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Ridgewood Investments LLC boosted its position in shares of Open Text by 23.8% during the second quarter. Ridgewood Investments LLC now owns 10,726 shares of the software maker’s stock valued at $313,000 after buying an additional 2,062 shares during the last quarter. Avanza Fonder AB purchased a new stake in shares of Open Text during the second quarter valued at $480,000. Wedge Capital Management L L P NC lifted its holdings in shares of Open Text by 5.4% during the 2nd quarter. Wedge Capital Management L L P NC now owns 98,130 shares of the software maker’s stock valued at $2,865,000 after buying an additional 5,019 shares during the period. Value Partners Investments Inc. lifted its holdings in shares of Open Text by 9.8% during the 2nd quarter. Value Partners Investments Inc. now owns 2,561,601 shares of the software maker’s stock valued at $74,709,000 after buying an additional 228,062 shares during the period. Finally, Plato Investment Management Ltd lifted its holdings in shares of Open Text by 926.0% during the 1st quarter. Plato Investment Management Ltd now owns 49,999 shares of the software maker’s stock valued at $1,276,000 after buying an additional 45,126 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Price Performance

Shares of Open Text stock opened at $37.73 on Tuesday. Open Text Corporation has a one year low of $22.79 and a one year high of $39.04. The stock’s fifty day moving average is $32.83 and its 200 day moving average is $29.24. The stock has a market cap of $9.54 billion, a P/E ratio of 22.87 and a beta of 1.16. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, August 7th. The software maker reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.11. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The business’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period last year, the firm earned $0.98 earnings per share. Sell-side analysts anticipate that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were issued a dividend of $0.275 per share. This is a boost from Open Text’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Friday, September 5th. Open Text’s payout ratio is 66.67%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Barclays reissued a “positive” rating on shares of Open Text in a report on Friday, August 8th. Wall Street Zen raised Open Text from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Scotiabank raised Open Text from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $35.00 to $50.00 in a report on Wednesday, September 24th. CIBC reissued a “neutral” rating on shares of Open Text in a report on Monday, August 11th. Finally, Jefferies Financial Group cut Open Text from a “buy” rating to a “hold” rating and set a $33.00 price target on the stock. in a report on Tuesday, August 12th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Open Text has an average rating of “Hold” and an average price target of $36.55.

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.