Open Text Corporation $OTEX Shares Acquired by Arkadios Wealth Advisors

Arkadios Wealth Advisors raised its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 596.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 83,192 shares of the software maker’s stock after buying an additional 71,249 shares during the period. Arkadios Wealth Advisors’ holdings in Open Text were worth $3,110,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Sagard Holdings Management Inc. acquired a new position in shares of Open Text during the 2nd quarter worth approximately $30,000. MAI Capital Management lifted its holdings in shares of Open Text by 58.7% in the 2nd quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock worth $47,000 after acquiring an additional 590 shares during the last quarter. Cromwell Holdings LLC grew its stake in shares of Open Text by 27.4% in the second quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock valued at $48,000 after buying an additional 352 shares in the last quarter. WealthCollab LLC increased its stake in Open Text by 39.5% during the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after purchasing an additional 464 shares during the period. Finally, Osaic Holdings Inc. lifted its holdings in Open Text by 108.8% during the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after buying an additional 937 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Scotiabank upgraded shares of Open Text from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $35.00 to $50.00 in a research note on Wednesday, September 24th. CIBC lowered their price objective on shares of Open Text from $40.00 to $37.00 and set a “neutral” rating on the stock in a research report on Friday, January 16th. Barclays upped their price target on Open Text from $33.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Open Text in a research note on Monday, December 29th. Finally, UBS Group boosted their price objective on shares of Open Text from $32.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, November 7th. Three research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $39.00.

Open Text Trading Down 0.6%

Shares of OTEX stock opened at $28.63 on Thursday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.60. Open Text Corporation has a fifty-two week low of $22.79 and a fifty-two week high of $39.90. The firm’s 50 day moving average price is $32.85 and its two-hundred day moving average price is $33.69. The stock has a market cap of $7.21 billion, a price-to-earnings ratio of 14.99 and a beta of 1.08.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Wednesday, November 5th. The software maker reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. Open Text had a net margin of 9.60% and a return on equity of 23.44%. The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.93 EPS. On average, analysts anticipate that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Friday, December 5th. Open Text’s payout ratio is currently 57.59%.

Open Text Company Profile

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.