Pictet Asset Management Holding SA Has $4.41 Million Position in Open Text Co. (NASDAQ:OTEX)

Pictet Asset Management Holding SA increased its holdings in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 24.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 155,945 shares of the software maker's stock after purchasing an additional 30,585 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.06% of Open Text worth $4,411,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in OTEX. IFP Advisors Inc increased its holdings in 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 buying an additional 515 shares during the last quarter. Blue Trust Inc. raised 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 valued at $39,000 after purchasing an additional 398 shares during the period. Generali Asset Management SPA SGR acquired a new stake in Open Text in the 4th quarter valued at about $62,000. Allworth Financial LP grew its holdings in Open Text by 20.7% during the fourth 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 bought a new stake in Open Text in the fourth quarter valued at approximately $138,000. Institutional investors own 70.37% of the company's stock.

Open Text Trading Up 1.6 %

Shares of OTEX stock traded up $0.36 during mid-day trading on Tuesday, reaching $23.40. 782,520 shares of the stock traded hands, compared to its average volume of 794,334. The stock's fifty day simple moving average is $26.94 and its two-hundred day simple moving average is $29.17. Open Text Co. has a 1-year low of $22.79 and a 1-year high of $37.77. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The company has a market cap of $6.15 billion, a price-to-earnings ratio of 9.57 and a beta of 1.13.

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Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released 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, research analysts anticipate that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were issued 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 4.49%. Open Text's payout ratio is presently 42.68%.

Analysts Set New Price Targets

Several research analysts have weighed in on OTEX shares. StockNews.com cut shares of Open Text from a "strong-buy" rating to a "buy" rating in a report on Monday, January 27th. TD Securities dropped their price target on Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a report on Sunday, February 9th. Royal Bank of Canada reduced their price target on Open Text from $33.00 to $31.00 and set a "sector perform" rating for the company in a research note on Friday, February 7th. Barclays increased their price objective on Open Text from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research report on Friday, February 7th. Finally, Citigroup boosted their target price on shares of Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average 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.