Pictet Asset Management Ltd. boosted its position in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 4.0% in the first quarter, Holdings Channel.com reports. The firm owned 104,635 shares of the software maker’s stock after acquiring an additional 4,000 shares during the period. Pictet Asset Management Ltd.’s holdings in Open Text were worth $3,654,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OTEX. Norges Bank acquired a new stake in Open Text during the 4th quarter valued at $134,793,000. Alliancebernstein L.P. grew its holdings in Open Text by 2,746.7% during the 4th quarter. Alliancebernstein L.P. now owns 1,374,912 shares of the software maker’s stock worth $60,592,000 after acquiring an additional 1,326,613 shares in the last quarter. Franklin Resources Inc. grew its holdings in Open Text by 70.4% during the 4th quarter. Franklin Resources Inc. now owns 2,268,119 shares of the software maker’s stock worth $99,966,000 after acquiring an additional 937,241 shares in the last quarter. Altshuler Shaham Ltd grew its holdings in Open Text by 11,854,257.1% during the 4th quarter. Altshuler Shaham Ltd now owns 829,805 shares of the software maker’s stock worth $36,569,000 after acquiring an additional 829,798 shares in the last quarter. Finally, AGF Investments Inc. grew its holdings in Open Text by 188.6% during the 1st quarter. AGF Investments Inc. now owns 910,774 shares of the software maker’s stock worth $31,848,000 after acquiring an additional 595,240 shares in the last quarter. 66.18% of the stock is owned by institutional investors and hedge funds.
Several brokerages have weighed in on OTEX. BMO Capital Markets reissued an “outperform” rating and set a $61.00 price objective on shares of Open Text in a report on Friday, May 1st. Zacks Investment Research raised shares of Open Text from a “sell” rating to a “hold” rating in a report on Wednesday. Raymond James set a $45.00 price objective on shares of Open Text and gave the stock an “outperform” rating in a report on Friday, May 1st. National Bank Financial decreased their price objective on shares of Open Text from $55.00 to $45.00 and set an “outperform” rating for the company in a report on Thursday, April 9th. Finally, Royal Bank of Canada reduced their price target on shares of Open Text from $54.00 to $45.00 and set an “outperform” rating on the stock in a research report on Monday, April 27th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Open Text currently has a consensus rating of “Buy” and a consensus price target of $49.70.
OTEX stock opened at $41.19 on Friday. Open Text Corp has a 52 week low of $29.11 and a 52 week high of $47.85. The company has a market capitalization of $11.93 billion, a price-to-earnings ratio of 39.61 and a beta of 0.73. The firm’s 50-day moving average is $39.67 and its two-hundred day moving average is $41.47. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.90.
Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, April 30th. The software maker reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.02. The company had revenue of $814.70 million for the quarter, compared to analysts’ expectations of $796.47 million. Open Text had a net margin of 9.24% and a return on equity of 7.09%. The business’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 EPS. On average, equities research analysts predict that Open Text Corp will post 2.62 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, May 29th will be given a $0.1746 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend is Thursday, May 28th. Open Text’s dividend payout ratio (DPR) is currently 66.04%.
About Open Text
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
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