Callan Family Office LLC Invests $250,000 in Open Text Corporation $OTEX

Callan Family Office LLC acquired a new stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 8,560 shares of the software maker’s stock, valued at approximately $250,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Cromwell Holdings LLC lifted its stake in Open Text by 27.4% in the 2nd quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock valued at $48,000 after acquiring an additional 352 shares in the last quarter. Headlands Technologies LLC raised its holdings in shares of Open Text by 360.6% in the first quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker’s stock valued at $73,000 after purchasing an additional 2,261 shares during the last quarter. United Services Automobile Association bought a new stake in shares of Open Text in the first quarter worth $213,000. Ridgewood Investments LLC lifted its position in shares of Open Text by 593.1% in the first quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker’s stock worth $219,000 after purchasing an additional 7,414 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in Open Text during the second quarter worth $261,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Trading Down 0.9%

OTEX stock opened at $38.80 on Friday. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80. The company’s 50-day simple moving average is $35.14 and its 200 day simple moving average is $30.29. Open Text Corporation has a 52 week low of $22.79 and a 52 week high of $39.90. The company has a market capitalization of $9.81 billion, a PE ratio of 23.52 and a beta of 1.17.

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

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were given a $0.275 dividend. This is a boost from Open Text’s previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a yield of 2.8%. The ex-dividend date was Friday, September 5th. Open Text’s dividend payout ratio is 66.67%.

Analysts Set New Price Targets

Several analysts recently issued reports on OTEX shares. National Bank Financial upgraded Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a report on Monday, September 15th. Royal Bank Of Canada upped their price objective on Open Text from $30.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Tuesday, September 2nd. Wall Street Zen raised Open Text from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Barclays restated a “positive” rating on shares of Open Text in a report on Friday, August 8th. Finally, CIBC reiterated a “neutral” rating on shares of Open Text in a research note on Monday, August 11th. Four investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $37.25.

About Open Text

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.