JPMorgan Chase & Co. Purchases 73,523 Shares of Open Text Co. (NASDAQ:OTEX)

JPMorgan Chase & Co. raised its holdings in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 6.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,190,472 shares of the software maker's stock after purchasing an additional 73,523 shares during the period. JPMorgan Chase & Co. owned 0.45% of Open Text worth $33,714,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of OTEX. IFP Advisors Inc lifted its position in shares of Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock worth $29,000 after acquiring an additional 515 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock valued at $39,000 after purchasing an additional 398 shares during the period. Generali Asset Management SPA SGR purchased a new stake in Open Text during the 4th quarter worth about $62,000. Allworth Financial LP boosted its stake in Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after purchasing an additional 439 shares during the period. Finally, Plato Investment Management Ltd purchased a new position in Open Text during the 4th quarter valued at about $138,000. Institutional investors own 70.37% of the company's stock.

Open Text Trading Up 1.9 %

Shares of Open Text stock traded up $0.46 during trading on Friday, reaching $25.15. The company's stock had a trading volume of 952,098 shares, compared to its average volume of 808,150. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. Open Text Co. has a 52-week low of $22.79 and a 52-week high of $36.39. The firm's 50-day moving average is $26.35 and its two-hundred day moving average is $28.87. The company has a market cap of $6.61 billion, a price-to-earnings ratio of 10.22 and a beta of 1.13.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate 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 anticipate that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were given a $0.2625 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.05 annualized dividend and a yield of 4.17%. This is an increase from Open Text's previous quarterly dividend of $0.26. Open Text's payout ratio is presently 42.68%.

Analyst Upgrades and Downgrades

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

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.