Creative Planning Purchases 4,570 Shares of Open Text Co. (NASDAQ:OTEX)

Creative Planning grew its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 23.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,342 shares of the software maker’s stock after purchasing an additional 4,570 shares during the quarter. Creative Planning’s holdings in Open Text were worth $731,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of OTEX. The Manufacturers Life Insurance Company raised its position in shares of Open Text by 25.1% in the second quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker’s stock valued at $167,277,000 after purchasing an additional 1,118,479 shares during the period. Cooke & Bieler LP increased its position in Open Text by 18.6% during the second quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker’s stock worth $166,325,000 after acquiring an additional 867,978 shares during the period. JARISLOWSKY FRASER Ltd increased its position in Open Text by 5.1% during the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock worth $471,415,000 after acquiring an additional 767,822 shares during the period. National Bank of Canada FI increased its position in Open Text by 17.5% during the second quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker’s stock worth $120,390,000 after acquiring an additional 599,790 shares during the period. Finally, Guardian Capital LP increased its position in Open Text by 20.6% during the first quarter. Guardian Capital LP now owns 3,333,632 shares of the software maker’s stock worth $129,478,000 after acquiring an additional 568,527 shares during the period. Institutional investors own 70.37% of the company’s stock.

Open Text Stock Up 0.2 %

Shares of NASDAQ:OTEX opened at $33.81 on Friday. Open Text Co. has a 52 week low of $27.50 and a 52 week high of $45.47. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.81 and a current ratio of 0.81. The company’s fifty day moving average is $32.07 and its 200-day moving average is $32.04. The company has a market capitalization of $9.13 billion, a PE ratio of 54.53 and a beta of 1.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, August 1st. The software maker reported $0.98 EPS for the quarter, beating 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 company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the company earned $0.79 EPS. The firm’s revenue for the quarter was down 8.6% compared to the same quarter last year. Equities research analysts predict that Open Text Co. will post 3.23 earnings per share for the current fiscal year.

Open Text Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were issued a $0.192 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.77 dividend on an annualized basis and a dividend yield of 2.27%. Open Text’s dividend payout ratio is 169.35%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on OTEX shares. National Bank Financial lowered shares of Open Text from an “outperform” rating to a “sector perform” rating in a research report on Friday, August 2nd. National Bankshares lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price on the stock. in a research report on Friday, August 2nd. Citigroup lifted their price target on shares of Open Text from $32.00 to $34.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. CIBC decreased their price target on shares of Open Text from $36.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, July 19th. Finally, Jefferies Financial Group decreased their price target on shares of Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $38.80.

Open Text 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.