Sanctuary Advisors LLC Buys Shares of 21,558 Open Text Corporation $OTEX

Sanctuary Advisors LLC acquired a new stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the second quarter, Holdings Channel reports. The fund acquired 21,558 shares of the software maker’s stock, valued at approximately $478,000.

Other hedge funds also recently bought and sold shares of the company. Goldman Sachs Group Inc. boosted its position in shares of Open Text by 75.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker’s stock worth $36,307,000 after purchasing an additional 619,527 shares during the period. United Services Automobile Association acquired a new position in Open Text during the first quarter worth $213,000. EverSource Wealth Advisors LLC lifted its stake in Open Text by 39.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after purchasing an additional 570 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Open Text by 3.4% during the second quarter. Cerity Partners LLC now owns 49,003 shares of the software maker’s stock worth $1,431,000 after buying an additional 1,612 shares during the period. Finally, Qube Research & Technologies Ltd raised its holdings in shares of Open Text by 16.8% in the 2nd quarter. Qube Research & Technologies Ltd now owns 46,500 shares of the software maker’s stock valued at $1,360,000 after buying an additional 6,700 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Down 0.3%

Shares of NASDAQ:OTEX opened at $25.10 on Friday. Open Text Corporation has a fifty-two week low of $19.77 and a fifty-two week high of $39.90. The firm’s 50 day moving average price is $23.65 and its 200 day moving average price is $23.38. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.43. The stock has a market cap of $6.08 billion, a price-to-earnings ratio of 9.73 and a beta of 1.03.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 EPS for the quarter, topping the consensus estimate 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 quarter in the previous year, the business posted $0.97 EPS. The firm’s revenue was up 2.9% on a year-over-year basis. As a group, equities research analysts predict that Open Text Corporation will post 3.72 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, September 4th. This is an increase from Open Text’s previous quarterly dividend of $0.28. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.5%. Open Text’s payout ratio is presently 42.64%.

Analyst Ratings Changes

Several research analysts have recently commented on OTEX shares. Scotia lowered their price objective on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a research note on Friday, August 7th. National Bank Financial decreased their price target on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Scotiabank cut their price objective on Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 7th. UBS Group increased their price objective on Open Text from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Finally, Citigroup lifted their target price on Open Text from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Three research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $32.46.

Open Text 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.