Charles Schwab Investment Management Inc. Purchases 3,914 Shares of Open Text Corporation $OTEX

Charles Schwab Investment Management Inc. boosted its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 0.6% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 681,623 shares of the software maker’s stock after purchasing an additional 3,914 shares during the period. Charles Schwab Investment Management Inc. owned about 0.26% of Open Text worth $17,201,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc bought a new position in shares of Open Text during the 1st quarter valued at approximately $26,000. Parallel Advisors LLC grew its position in shares of Open Text by 219.3% during the 1st 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 period. Stifel Financial Corp grew its position in shares of Open Text by 2.2% during the 4th 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 period. LPL Financial LLC grew its position in shares of Open Text by 8.7% during the 4th 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 period. Finally, Alps Advisors Inc. grew its position in shares of Open Text by 5.8% during the 1st 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 period. 70.37% of the stock is owned by institutional investors.

Open Text Stock Performance

Shares of OTEX stock opened at $32.63 on Friday. The stock has a market capitalization of $8.30 billion, a P/E ratio of 19.78 and a beta of 1.12. 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’s 50 day moving average is $29.53 and its 200 day moving average is $27.76. Open Text Corporation has a 12 month low of $22.79 and a 12 month high of $34.20.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced 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 company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Open Text had a net margin of 8.43% and a return on equity of 22.52%. Open Text’s revenue was down 3.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.98 EPS. On average, 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 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 is Friday, September 5th. This represents a $1.10 annualized dividend and a yield of 3.4%. This is a boost from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio is currently 63.64%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Jefferies Financial Group downgraded shares of Open Text from a “buy” rating to a “hold” rating and set a $33.00 target price for the company. in a research report on Tuesday, August 12th. Citigroup increased their target price on shares of Open Text from $29.00 to $43.00 and gave the company a “negative” rating in a research report on Friday, May 2nd. Scotiabank increased their target price on shares of Open Text from $30.00 to $35.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 12th. Barclays reissued a “positive” rating on shares of Open Text in a research report on Friday, August 8th. Finally, Wall Street Zen raised shares of Open Text from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $32.60.

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.