UBS Group AG Raises Position in Open Text Corporation $OTEX

UBS Group AG lifted its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 61.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 662,567 shares of the software maker’s stock after acquiring an additional 251,851 shares during the period. UBS Group AG owned 0.26% of Open Text worth $21,586,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC purchased a new position in Open Text during the third quarter valued at $33,000. WealthCollab LLC lifted its position in Open Text by 39.5% during the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after acquiring an additional 464 shares during the period. Osaic Holdings Inc. boosted its stake in Open Text by 108.8% during the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after acquiring an additional 937 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Open Text by 39.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after purchasing an additional 570 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in shares of Open Text by 63.1% during the third quarter. PNC Financial Services Group Inc. now owns 2,141 shares of the software maker’s stock valued at $80,000 after purchasing an additional 828 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Price Performance

NASDAQ OTEX opened at $24.40 on Tuesday. The company has a 50-day moving average price of $23.07 and a 200-day moving average price of $28.55. Open Text Corporation has a 52 week low of $20.00 and a 52 week high of $39.90. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.56. The firm has a market capitalization of $5.92 billion, a P/E ratio of 11.90 and a beta of 1.04.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.07. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.26 billion. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the firm earned $0.82 earnings per share. Equities research analysts anticipate that Open Text Corporation will post 3.98 earnings per share for the current year.

Open Text Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Friday, June 5th. Open Text’s payout ratio is currently 53.66%.

Analysts Set New Price Targets

Several analysts recently weighed in on OTEX shares. Canadian Imperial Bank of Commerce cut their price target on Open Text from $40.00 to $37.00 and set a “neutral” rating on the stock in a research note on Friday, January 16th. Royal Bank Of Canada reduced their price target on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a research report on Friday. Citigroup lowered their price objective on Open Text from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday. Barclays boosted their price target on Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, TD Securities upgraded Open Text to a “hold” rating in a report on Monday, February 2nd. Four equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, Open Text presently has an average rating of “Hold” and a consensus target price of $34.67.

Open Text Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.