Evolve Private Wealth LLC Makes New $1.04 Million Investment in Open Text Corporation $OTEX

Evolve Private Wealth LLC bought a new position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 46,777 shares of the software maker’s stock, valued at approximately $1,036,000.

Several other institutional investors and hedge funds have also recently modified their holdings of OTEX. Norges Bank purchased a new stake in shares of Open Text in the fourth quarter valued at approximately $106,700,000. First Trust Advisors LP increased its holdings in Open Text by 27.3% during the 4th quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker’s stock worth $374,394,000 after purchasing an additional 2,466,264 shares during the period. BlackRock Inc. purchased a new position in Open Text during the 2nd quarter worth $46,144,000. Morgan Stanley raised its position in Open Text by 76.8% during the 4th quarter. Morgan Stanley now owns 2,884,381 shares of the software maker’s stock valued at $93,973,000 after purchasing an additional 1,253,405 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Open Text by 11.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 10,734,420 shares of the software maker’s stock worth $349,978,000 after buying an additional 1,122,320 shares during the period. Institutional investors own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. UBS Group raised 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. Citigroup raised their target price on shares of Open Text from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Barclays boosted their price target on shares of Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Scotia lowered their price target on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a research report on Friday, August 7th. Finally, National Bank Financial dropped their price objective on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Three research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, Open Text currently has an average rating of “Hold” and an average price target of $32.46.

Open Text Stock Performance

Shares of OTEX stock opened at $24.67 on Monday. Open Text Corporation has a 12-month low of $19.77 and a 12-month high of $39.90. The business’s fifty day simple moving average is $23.31 and its 200-day simple moving average is $23.34. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.43. The company has a market cap of $5.97 billion, a PE ratio of 9.56 and a beta of 1.03.

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

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change 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.