Swiss National Bank decreased its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 4.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 770,900 shares of the software maker's stock after selling 39,000 shares during the period. Swiss National Bank owned approximately 0.29% of Open Text worth $21,806,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Open Text in the fourth quarter worth about $8,685,000. Farther Finance Advisors LLC lifted its stake in shares of Open Text by 15.4% in the 4th quarter. Farther Finance Advisors LLC now owns 10,041 shares of the software maker's stock valued at $284,000 after purchasing an additional 1,340 shares during the period. Cooke & Bieler LP lifted its stake in shares of Open Text by 6.6% in the 4th quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker's stock valued at $178,670,000 after purchasing an additional 389,220 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Open Text by 1.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,637 shares of the software maker's stock valued at $1,857,000 after purchasing an additional 947 shares in the last quarter. Finally, Amundi grew its stake in Open Text by 15.3% in the fourth quarter. Amundi now owns 526,409 shares of the software maker's stock worth $14,671,000 after purchasing an additional 69,686 shares during the period. Hedge funds and other institutional investors own 70.37% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on OTEX shares. UBS Group began coverage on shares of Open Text in a report on Tuesday, December 17th. They set a "neutral" rating and a $32.00 target price on the stock. StockNews.com lowered shares of Open Text from a "strong-buy" rating to a "buy" rating in a research note on Monday, January 27th. Citigroup upped their price objective on shares of Open Text from $30.00 to $32.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. Barclays lifted their target price on shares of Open Text from $34.00 to $36.00 and gave the company an "equal weight" rating in a report on Friday, February 7th. Finally, Royal Bank of Canada cut their price target on Open Text from $33.00 to $31.00 and set a "sector perform" rating on the stock in a research note on Friday, February 7th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, Open Text has a consensus rating of "Hold" and an average price target of $35.18.
View Our Latest Stock Report on OTEX
Open Text Stock Performance
Shares of Open Text stock traded down $0.01 during trading on Friday, hitting $26.38. 1,605,198 shares of the company's stock traded hands, compared to its average volume of 752,394. Open Text Co. has a 1 year low of $24.86 and a 1 year high of $40.55. The business has a 50-day simple moving average of $27.53 and a 200-day simple moving average of $29.74. The stock has a market capitalization of $6.96 billion, a P/E ratio of 10.72 and a beta of 1.17. 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 announced its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) 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%. As a group, analysts forecast that Open Text Co. will post 3.45 EPS for the current year.
Open Text Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be paid a dividend of $0.2625 per share. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Open Text's previous quarterly dividend of $0.26. This represents a $1.05 dividend on an annualized basis and a yield of 3.98%. Open Text's payout ratio is currently 42.68%.
About Open Text
(
Free Report)
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.
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