First Affirmative Financial Network Makes New Investment in Open Text Co. (NASDAQ:OTEX)

First Affirmative Financial Network acquired a new stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,217 shares of the software maker’s stock, valued at approximately $217,000.

A number of other hedge funds have also recently made changes to their positions in the business. ClariVest Asset Management LLC boosted its stake in Open Text by 0.4% during the 1st quarter. ClariVest Asset Management LLC now owns 70,570 shares of the software maker’s stock valued at $2,718,000 after purchasing an additional 250 shares during the last quarter. Wetherby Asset Management Inc. boosted its position in shares of Open Text by 2.2% during the first quarter. Wetherby Asset Management Inc. now owns 12,622 shares of the software maker’s stock valued at $487,000 after buying an additional 272 shares during the last quarter. Advisor Partners II LLC grew its holdings in Open Text by 4.4% during the first quarter. Advisor Partners II LLC now owns 11,097 shares of the software maker’s stock worth $428,000 after buying an additional 471 shares in the last quarter. Nexus Investment Management ULC raised its position in Open Text by 1.0% in the 2nd quarter. Nexus Investment Management ULC now owns 63,730 shares of the software maker’s stock valued at $2,651,000 after buying an additional 600 shares during the last quarter. Finally, Avantax Advisory Services Inc. lifted its stake in Open Text by 7.5% during the 1st quarter. Avantax Advisory Services Inc. now owns 10,144 shares of the software maker’s stock valued at $391,000 after acquiring an additional 711 shares in the last quarter. 64.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on OTEX shares. BMO Capital Markets increased their target price on shares of Open Text from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, August 7th. Citigroup lifted their target price on shares of Open Text from $41.00 to $44.00 in a research report on Wednesday, June 21st. StockNews.com initiated coverage on Open Text in a report on Thursday, August 17th. They issued a “buy” rating for the company. Barclays lifted their price target on Open Text from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Friday, August 4th. Finally, CIBC upped their price objective on Open Text from $41.00 to $42.00 and gave the company a “neutral” rating in a research note on Friday, August 4th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $46.67.

Open Text Price Performance

Open Text stock opened at $38.98 on Friday. The business’s 50 day simple moving average is $39.71 and its 200 day simple moving average is $39.41. Open Text Co. has a 12 month low of $24.91 and a 12 month high of $43.25. The company has a market cap of $10.57 billion, a price-to-earnings ratio of 69.61 and a beta of 1.04. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 2.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.05). Open Text had a net margin of 3.35% and a return on equity of 19.55%. The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Sell-side analysts forecast that Open Text Co. will post 4.26 EPS for the current year.

Open Text Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Friday, September 1st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.57%. Open Text’s dividend payout ratio is presently 178.57%.

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.