First Affirmative Financial Network, a financial services firm, has recently acquired a new stake in Open Text Co., a software maker company. According to their filing with the Securities and Exchange Commission (SEC), the firm purchased 5,217 shares of Open Text’s stock in the second quarter, amounting to approximately $217,000.
This acquisition reflects First Affirmative Financial Network’s confidence in Open Text Co.’s potential for growth and profitability. As an investor, they have recognized the value of investing in a software maker company like Open Text, which operates within a dynamic and ever-evolving industry.
In addition to this acquisition, Open Text has made important announcements regarding its quarterly dividend. Shareholders of record on September 1st will be eligible for the quarterly dividend payment, scheduled to be paid on September 22nd. The dividend payout will be $0.25 per share. It is worth noting that the ex-dividend date for this particular dividend is set for August 31st.
With an annualized dividend basis of $1.00 per share and a yield of 2.57%, shareholders can expect a meaningful return on their investment from Open Text’s consistent and reliable dividend policy. Despite having a current payout ratio that exceeds 100%, indicating that the company is paying out more dividends than its earnings at present, Open Text remains committed to providing returns to its shareholders.
Overall, these recent developments reflect both First Affirmative Financial Network’s faith in looking towards Open Text Co.’s potential growth as well as Open Text’s commitment to delivering shareholder value through regular dividends. Investors may find these updates encouraging as they continue to assess potential investment opportunities within the software maker industry.
It is important to note that this information was up-to-date as of September 17th and investors should consider conducting their own research or consulting with financial professionals before making any investment decisions based on this news alone.
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Open Text (NASDAQ: OTEX) Attracts Hedge Funds and Analysts with Positive Outlook
In recent news, Open Text (NASDAQ: OTEX) has seen a number of changes in its position within the hedge fund community. ClariVest Asset Management LLC, for instance, increased its stake in the software maker by 0.4% during the first quarter. With the additional purchase of 250 shares, ClariVest now owns a total of 70,570 shares valued at $2,718,000. Similarly, Wetherby Asset Management Inc. boosted its position by 2.2% during the same period and now holds 12,622 shares worth $487,000.
Another firm that experienced growth in their holdings is Advisor Partners II LLC with a 4.4% increase during the first quarter. This resulted in them acquiring an additional 471 shares valued at $428,000. Nexus Investment Management ULC also chose to raise its position by 1%, buying an extra 600 shares that are now worth $2,651,000.
Lastly, Avantax Advisory Services Inc., after a 7.5% stake increase during the first quarter, owns a total of 10,144 shares valued at $391,000.
When considering these changes to positions made by hedge funds and institutional investors alike, it is clear to see that Open Text continues to attract interest within the market.
Various analysts have recently commented on OTEX shares as well. BMO Capital Markets increased their target price from $48.00 to $50.00 and gave Open Text an “outperform” rating on August 7th.
Citigroup also elevated their target price from $41.00 to $44.00 on June 21st.
StockNews.com even initiated coverage on Open Text in August with a “buy” rating for the company.
Barclays joined in as well during this time frame and raised Open Text’s price target from $43.00 to $44.00, giving it an “equal weight” rating.
Similarly, CIBC upped their price objective from $41.00 to $42.00 and assigned Open Text a “neutral” rating on August 4th.
This overall positive response from analysts suggests that Open Text is performing well in the market and has a bright future ahead.
On Friday, Open Text stock opened at $38.98. Its 50-day simple moving average is $39.71, while its 200-day simple moving average is $39.41.
Open Text Co., currently valued at $10.57 billion, has experienced a 12-month low of $24.91 and a high of $43.25.
In terms of financials, the software maker reported earnings per share (EPS) of $0.79 for the quarter ending on August 3rd, slightly below analysts’ consensus estimates of $0.84 EPS.
Open Text also achieved a net margin of 3.35% and a return on equity of 19.55%. The company’s revenue for the quarter amounted to $1.49 billion, falling just short compared to analysts’ expectations of $1.51 billion.
Sell-side analysts currently forecast that Open Text Co.’s earnings per share for the year will be approximately 4.26.
Taking these factors into account, Open Text appears to be a stable and promising investment option in the software industry according to various experts and indicators such as ratings and target prices provided by analysts.
