Callan Family Office LLC Buys New Shares in Open Text Co. (NASDAQ:OTEX)

Callan Family Office LLC purchased a new position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,560 shares of the software maker's stock, valued at approximately $257,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in OTEX. International Assets Investment Management LLC acquired a new position in shares of Open Text in the fourth quarter worth approximately $742,000. Syon Capital LLC acquired a new position in shares of Open Text in the fourth quarter worth approximately $243,000. Van ECK Associates Corp lifted its stake in shares of Open Text by 12.1% in the fourth quarter. Van ECK Associates Corp now owns 17,096 shares of the software maker's stock worth $719,000 after acquiring an additional 1,850 shares during the period. Natixis Advisors L.P. lifted its stake in shares of Open Text by 28.4% in the fourth quarter. Natixis Advisors L.P. now owns 27,418 shares of the software maker's stock worth $1,152,000 after acquiring an additional 6,066 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in shares of Open Text by 57.7% in the fourth quarter. BNP Paribas Financial Markets now owns 11,888 shares of the software maker's stock worth $500,000 after acquiring an additional 4,351 shares during the period. 70.37% of the stock is currently owned by institutional investors.

Open Text Stock Down 0.2 %

Shares of NASDAQ OTEX traded down $0.05 during trading on Tuesday, hitting $32.62. The stock had a trading volume of 543,731 shares, compared to its average volume of 668,852. Open Text Co. has a 12 month low of $27.50 and a 12 month high of $45.47. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market capitalization of $8.80 billion, a PE ratio of 52.61 and a beta of 1.12. The firm has a fifty day moving average of $30.78 and a two-hundred day moving average of $33.43.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.05. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the business posted $0.79 EPS. The business's revenue was down 8.6% compared to the same quarter last year. As a group, equities research analysts forecast that Open Text Co. will post 3.18 EPS for the current fiscal year.

Open Text Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be issued a $0.192 dividend. This represents a $0.77 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Friday, August 30th. Open Text's dividend payout ratio (DPR) is currently 169.35%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Barclays cut their price objective on Open Text from $38.00 to $36.00 and set an "equal weight" rating on the stock in a research note on Monday, August 5th. BMO Capital Markets cut their price objective on shares of Open Text from $38.00 to $33.00 and set a "market perform" rating on the stock in a research report on Friday, August 2nd. TD Securities reduced their target price on Open Text from $54.00 to $40.00 and set a "buy" rating for the company in a research note on Friday, May 3rd. CIBC cut their price target on Open Text from $36.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday, July 19th. Finally, StockNews.com raised Open Text from a "hold" rating to a "buy" rating in a research note on Saturday, May 11th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $38.60.

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.