Arbejdsmarkedets Tillaegspension Invests $22.75 Million in Open Text Corporation $OTEX

Arbejdsmarkedets Tillaegspension purchased a new position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 698,258 shares of the software maker’s stock, valued at approximately $22,749,000.

Several other hedge funds have also made changes to their positions in OTEX. Goldman Sachs Group Inc. lifted its position in shares of Open Text by 75.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker’s stock worth $36,307,000 after purchasing an additional 619,527 shares in the last quarter. United Services Automobile Association acquired a new stake in shares of Open Text during the first quarter worth about $213,000. EverSource Wealth Advisors LLC lifted its position in shares of Open Text by 39.7% during 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 in the last quarter. Cerity Partners LLC lifted its position in shares of Open Text by 3.4% during the second quarter. Cerity Partners LLC now owns 49,003 shares of the software maker’s stock worth $1,431,000 after purchasing an additional 1,612 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its stake in shares of Open Text by 16.8% during the second quarter. Qube Research & Technologies Ltd now owns 46,500 shares of the software maker’s stock worth $1,360,000 after buying an additional 6,700 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on OTEX. Royal Bank Of Canada cut their target price on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Friday, May 8th. Barclays upped their target price on shares of Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Monday. UBS Group set a $25.00 price target on shares of Open Text in a research note on Friday, May 8th. Canadian Imperial Bank of Commerce dropped their price target on shares of Open Text from $40.00 to $37.00 and set a “neutral” rating on the stock in a research note on Friday, January 16th. Finally, Raymond James Financial dropped their price target on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $34.67.

Open Text Price Performance

Open Text stock opened at $22.68 on Friday. Open Text Corporation has a one year low of $20.00 and a one year high of $39.90. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.94 and a current ratio of 0.94. The business has a fifty day moving average of $22.92 and a two-hundred day moving average of $28.17. The company has a market cap of $5.50 billion, a P/E ratio of 11.06 and a beta of 1.04.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.07. Open Text had a return on equity of 24.77% and a net margin of 9.91%.The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter last year, the business posted $0.82 earnings per share. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, analysts predict that Open Text Corporation will post 3.98 earnings per share for the current fiscal year.

Open Text Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be given a $0.275 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.9%. Open Text’s dividend payout ratio (DPR) is currently 53.66%.

Open Text Company 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.