Open Text Corporation $OTEX Shares Sold by Spark Investment Management LLC

Spark Investment Management LLC trimmed its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 42.6% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 35,000 shares of the software maker’s stock after selling 26,000 shares during the period. Open Text accounts for about 1.5% of Spark Investment Management LLC’s investment portfolio, making the stock its 19th biggest holding. Spark Investment Management LLC’s holdings in Open Text were worth $774,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OTEX. Kimelman & Baird LLC bought a new position in Open Text during the 2nd quarter worth approximately $27,000. CIBC Private Wealth Group LLC bought a new position in shares of Open Text in the 3rd quarter worth about $33,000. Global Retirement Partners LLC acquired a new position in shares of Open Text in the 2nd quarter valued at about $34,000. WealthCollab LLC grew its position in shares of Open Text by 39.5% during the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after buying an additional 464 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its stake in Open Text by 5,096.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock worth $52,000 after acquiring an additional 1,580 shares during the period. 70.37% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. UBS Group upped their price target on shares of Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. National Bank Financial lowered their price target on Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Zacks Research downgraded shares of Open Text from a “hold” rating to a “strong sell” rating in a report on Friday, August 21st. Wall Street Zen upgraded shares of Open Text from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Scotiabank cut their target price on Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a research report on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Open Text currently has a consensus rating of “Hold” and an average price target of $32.46.

Open Text Price Performance

Open Text stock traded down $0.59 during mid-day trading on Tuesday, hitting $23.36. The company’s stock had a trading volume of 1,327,838 shares, compared to its average volume of 2,086,896. The stock has a market capitalization of $5.66 billion, a P/E ratio of 9.05 and a beta of 1.02. Open Text Corporation has a twelve month low of $19.77 and a twelve month high of $39.90. The stock’s fifty day moving average price is $23.99 and its two-hundred day moving average price is $23.35. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.43.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, August 6th. The software maker reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.21. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.29 billion. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.97 EPS. Research analysts forecast that Open Text Corporation will post 3.72 earnings per share for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.12 dividend on an annualized basis and a yield of 4.8%. This is an increase from Open Text’s previous quarterly dividend of $0.28. Open Text’s dividend payout ratio (DPR) is 43.41%.

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.