Open Text Corporation $OTEX Position Boosted by Cibc World Market Inc.

Cibc World Market Inc. increased its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 1.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,274,416 shares of the software maker’s stock after purchasing an additional 31,407 shares during the quarter. Cibc World Market Inc.’s holdings in Open Text were worth $74,078,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also added to or reduced their stakes in OTEX. CIBC Private Wealth Group LLC bought a new position in Open Text in the 3rd quarter worth approximately $33,000. WealthCollab LLC grew its holdings in Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after buying an additional 464 shares in the last quarter. Osaic Holdings Inc. grew its holdings in Open Text by 108.8% in the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after buying an additional 937 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Open Text by 39.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after buying an additional 570 shares in the last quarter. Finally, Global Retirement Partners LLC grew its holdings in Open Text by 573.3% in the 4th quarter. Global Retirement Partners LLC now owns 1,919 shares of the software maker’s stock worth $63,000 after buying an additional 1,634 shares in the last quarter. 70.37% of the stock is owned by institutional investors.

Analysts Set New Price Targets

OTEX has been the subject of a number of recent analyst reports. Scotiabank decreased their price objective on Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a report on Friday, May 8th. Raymond James Financial decreased their price objective on Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, May 8th. UBS Group set a $25.00 price objective on Open Text in a report on Friday, May 8th. Barclays upped their target price on Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Monday, May 11th. Finally, Wall Street Zen upgraded Open Text from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Four analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $33.67.

Open Text Stock Performance

OTEX opened at $23.69 on Thursday. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of 11.56 and a beta of 1.05. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94. Open Text Corporation has a 1-year low of $20.00 and a 1-year high of $39.90. The business has a 50 day moving average price of $22.89 and a two-hundred day moving average price of $26.89.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.07. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.26 billion. Open Text had a return on equity of 24.77% and a net margin of 9.91%.The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.82 earnings per share. Research analysts predict that Open Text Corporation will post 4.05 EPS for the current fiscal year.

Open Text Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date is Friday, June 5th. Open Text’s dividend payout ratio is 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.