Pictet Asset Management Holding SA Has $6.79 Million Stake in Open Text Corporation $OTEX

Pictet Asset Management Holding SA reduced its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 13.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 305,919 shares of the software maker’s stock after selling 45,944 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.13% of Open Text worth $6,790,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. FIL Ltd grew its holdings in Open Text by 5.7% during the 4th quarter. FIL Ltd now owns 12,155,000 shares of the software maker’s stock worth $395,853,000 after acquiring an additional 655,000 shares during the period. First Trust Advisors LP raised its position in shares of Open Text by 27.3% in the 4th quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker’s stock worth $374,394,000 after acquiring an additional 2,466,264 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Open Text by 11.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 10,734,420 shares of the software maker’s stock valued at $349,978,000 after purchasing an additional 1,122,320 shares during the period. Brandes Investment Partners LP boosted its position in shares of Open Text by 1.2% during the 4th quarter. Brandes Investment Partners LP now owns 9,106,157 shares of the software maker’s stock valued at $296,679,000 after purchasing an additional 106,766 shares in the last quarter. Finally, Letko Brosseau & Associates Inc. grew its stake in Open Text by 0.5% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 5,681,093 shares of the software maker’s stock worth $185,260,000 after purchasing an additional 27,825 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Price Performance

OTEX stock opened at $23.04 on Friday. The stock’s 50 day simple moving average is $22.72 and its 200 day simple moving average is $25.17. The company has a market cap of $5.59 billion, a P/E ratio of 11.24 and a beta of 1.04. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.94 and a current ratio of 0.94. Open Text Corporation has a fifty-two week low of $19.77 and a fifty-two week high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.07. The firm had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Open Text had a return on equity of 24.77% and a net margin of 9.91%.The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.82 earnings per share. On average, research analysts expect that Open Text Corporation will post 4.05 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, June 5th were given a $0.275 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.10 annualized dividend and a yield of 4.8%. Open Text’s dividend payout ratio (DPR) is presently 53.66%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on OTEX. Raymond James Financial lowered their target price on Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, May 8th. Citigroup reduced their price objective on shares of Open Text from $26.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday, May 8th. Scotia dropped their target price on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 8th. Weiss Ratings reissued a “hold (c-)” rating on shares of Open Text in a research note on Wednesday, June 24th. Finally, UBS Group set a $25.00 price target on shares of Open Text in a report on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $33.67.

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.