Creative Planning Buys 13,152 Shares of Open Text Corporation $OTEX

Creative Planning grew its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 66.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,002 shares of the software maker’s stock after buying an additional 13,152 shares during the period. Creative Planning’s holdings in Open Text were worth $964,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Cromwell Holdings LLC lifted its holdings in shares of Open Text by 27.4% during the 2nd quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock worth $48,000 after acquiring an additional 352 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in Open Text by 2.9% during the second quarter. Oppenheimer Asset Management Inc. now owns 13,174 shares of the software maker’s stock worth $385,000 after purchasing an additional 370 shares during the last quarter. Vident Advisory LLC boosted its holdings in shares of Open Text by 6.6% in the 1st quarter. Vident Advisory LLC now owns 11,681 shares of the software maker’s stock worth $295,000 after purchasing an additional 722 shares in the last quarter. Metis Global Partners LLC increased its position in shares of Open Text by 8.3% during the 2nd quarter. Metis Global Partners LLC now owns 13,260 shares of the software maker’s stock valued at $387,000 after purchasing an additional 1,013 shares during the last quarter. Finally, Vest Financial LLC raised its holdings in shares of Open Text by 8.2% during the 2nd quarter. Vest Financial LLC now owns 13,769 shares of the software maker’s stock valued at $402,000 after buying an additional 1,045 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on OTEX. TD Securities cut shares of Open Text from a “buy” rating to a “hold” rating and increased their price target for the company from $35.00 to $40.00 in a research report on Friday, October 3rd. Wall Street Zen raised shares of Open Text from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Royal Bank Of Canada lifted their target price on shares of Open Text from $30.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Tuesday, September 2nd. UBS Group upped their price target on shares of Open Text from $32.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 7th. Finally, Barclays boosted their target price on Open Text from $33.00 to $39.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, Open Text presently has a consensus rating of “Hold” and a consensus price target of $39.42.

Open Text Price Performance

Shares of Open Text stock opened at $33.64 on Monday. The company’s fifty day simple moving average is $36.85 and its two-hundred day simple moving average is $32.60. Open Text Corporation has a 12-month low of $22.79 and a 12-month high of $39.90. The firm has a market cap of $8.48 billion, a PE ratio of 20.39 and a beta of 1.14. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Wednesday, November 5th. The software maker reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.27 billion. Open Text had a net margin of 8.43% and a return on equity of 22.52%. During the same period in the prior year, the business posted $0.93 earnings per share. Open Text’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, equities analysts expect that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Friday, December 5th. Open Text’s dividend payout ratio (DPR) is currently 57.59%.

Open Text Company 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.