Norges Bank Purchases New Holdings in Open Text Co. (NASDAQ:OTEX)

Norges Bank bought a new position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,298,089 shares of the software maker's stock, valued at approximately $93,216,000. Norges Bank owned 1.25% of Open Text as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of OTEX. BNP Paribas Financial Markets raised its stake in Open Text by 3.3% during the third quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker's stock worth $369,000 after acquiring an additional 351 shares during the period. Blue Trust Inc. lifted its holdings in shares of Open Text by 40.8% in the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after purchasing an additional 398 shares during the last quarter. Allworth Financial LP grew its stake in Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after buying an additional 439 shares during the last quarter. IFP Advisors Inc increased its position in Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock worth $29,000 after buying an additional 515 shares during the period. Finally, DGS Capital Management LLC lifted its stake in Open Text by 2.0% in the fourth quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker's stock valued at $750,000 after buying an additional 530 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

Several research firms have recently commented on OTEX. UBS Group began coverage on shares of Open Text in a research report on Tuesday, December 17th. They set a "neutral" rating and a $32.00 price target for the company. Barclays raised their price target on shares of Open Text from $34.00 to $36.00 and gave the company an "equal weight" rating in a research note on Friday, February 7th. Citigroup boosted their price objective on Open Text from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. TD Securities lowered their target price on Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a research report on Sunday, February 9th. Finally, StockNews.com lowered Open Text from a "strong-buy" rating to a "buy" rating in a research report on Monday, January 27th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Open Text currently has a consensus rating of "Hold" and a consensus target price of $35.18.

Open Text Price Performance

Shares of Open Text stock traded down $0.72 during trading on Friday, hitting $24.13. The stock had a trading volume of 2,218,885 shares, compared to its average volume of 787,592. The business has a fifty day moving average of $27.05 and a two-hundred day moving average of $29.24. Open Text Co. has a fifty-two week low of $23.43 and a fifty-two week high of $37.77. The firm has a market cap of $6.34 billion, a P/E ratio of 9.81 and a beta of 1.13. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, beating analysts' consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. On average, sell-side analysts expect that Open Text Co. will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were given a $0.2625 dividend. This is a positive change from Open Text's previous quarterly dividend of $0.26. The ex-dividend date was Friday, March 7th. This represents a $1.05 annualized dividend and a yield of 4.35%. Open Text's payout ratio is 42.68%.

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.