Cardinal Point Capital Management ULC Grows Stock Holdings in Open Text Corporation $OTEX

Cardinal Point Capital Management ULC raised its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 74.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 446,889 shares of the software maker’s stock after acquiring an additional 190,405 shares during the period. Cardinal Point Capital Management ULC owned approximately 0.18% of Open Text worth $9,939,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC purchased a new position in Open Text during the third quarter worth about $33,000. WealthCollab LLC boosted its holdings in Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after purchasing an additional 464 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its position 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 worth $52,000 after purchasing an additional 1,580 shares during the period. Osaic Holdings Inc. increased its position 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 purchasing an additional 937 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Open Text by 39.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after buying an additional 570 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Raymond James Financial cut their price target on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, May 8th. National Bank Financial lowered their target price on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Wall Street Zen raised shares of Open Text from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Barclays increased their target price on shares of Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Finally, Scotia decreased their price target on Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 8th. Four research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $33.67.

Open Text Trading Up 0.2%

Shares of OTEX opened at $21.20 on Thursday. The stock has a fifty day moving average of $22.83 and a two-hundred day moving average of $25.66. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $5.14 billion, a PE ratio of 10.34 and a beta of 1.05. Open Text Corporation has a fifty-two week low of $19.77 and a fifty-two week high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.07. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.26 billion. Open Text had a net margin of 9.91% and a return on equity of 24.77%. Open Text’s revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.82 earnings per share. As a group, analysts forecast that Open Text Corporation will post 4.05 EPS for the current year.

Open Text Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend was Friday, June 5th. Open Text’s dividend payout ratio is presently 53.66%.

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.