Sanctuary Advisors LLC Buys New Shares in Open Text Corporation $OTEX

Sanctuary Advisors LLC acquired a new position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 21,558 shares of the software maker’s stock, valued at approximately $478,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. CIBC Private Wealth Group LLC bought a new position in shares of Open Text during the 3rd quarter valued at about $33,000. Global Retirement Partners LLC purchased a new position in shares of Open Text in the 2nd quarter worth approximately $34,000. WealthCollab LLC increased its position in Open Text by 39.5% during the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after acquiring an additional 464 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in Open Text by 5,096.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock valued at $52,000 after purchasing an additional 1,580 shares during the last quarter. Finally, Osaic Holdings Inc. grew its stake in shares of Open Text by 108.8% during the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock valued at $52,000 after buying an additional 937 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Raymond James Financial cut shares of Open Text from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $35.00 to $29.50 in a report on Thursday, August 6th. Barclays lifted their price target on Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Zacks Research lowered shares of Open Text from a “hold” rating to a “strong sell” rating in a research note on Friday, August 21st. UBS Group upped their target price on Open Text from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Open Text in a report on Wednesday, June 24th. Three equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $32.46.

Open Text Stock Performance

OTEX opened at $25.10 on Friday. The firm has a fifty day moving average price of $23.65 and a 200 day moving average price of $23.38. The stock has a market cap of $6.08 billion, a P/E ratio of 9.73 and a beta of 1.03. Open Text Corporation has a 1 year low of $19.77 and a 1 year high of $39.90. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.81 and a quick ratio of 0.81.

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

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 4.5%. This is a boost from Open Text’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. Open Text’s dividend payout ratio (DPR) 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.