Public Employees Retirement System of Ohio Takes Position in Open Text Corporation $OTEX

Public Employees Retirement System of Ohio purchased a new position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 728,374 shares of the software maker’s stock, valued at approximately $16,130,000. Public Employees Retirement System of Ohio owned approximately 0.30% of Open Text as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CIBC Private Wealth Group LLC bought a new position in Open Text during the 3rd quarter worth approximately $33,000. Global Retirement Partners LLC bought a new position in Open Text during the second quarter worth $34,000. WealthCollab LLC boosted its holdings in Open Text by 39.5% in the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after purchasing an additional 464 shares during the period. Caitong International Asset Management Co. Ltd increased its stake in Open Text by 5,096.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock valued at $52,000 after purchasing an additional 1,580 shares during the last quarter. Finally, Osaic Holdings Inc. raised its holdings in shares of 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 purchasing an additional 937 shares during the period. 70.37% of the stock is owned by institutional investors.

Analyst Ratings Changes

OTEX has been the subject of a number of recent research reports. Royal Bank Of Canada lowered their price objective 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, May 8th. Raymond James Financial downgraded Open Text from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $35.00 to $29.50 in a research note on Thursday, August 6th. Barclays upped their target price on Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. UBS Group increased their price target on Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Open Text in a research report on Wednesday, June 24th. Three analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $32.46.

Open Text Price Performance

NASDAQ OTEX opened at $25.10 on Monday. The company has a 50-day moving average price of $23.65 and a two-hundred day moving average price of $23.36. Open Text Corporation has a 52 week low of $19.77 and a 52 week high of $39.90. The stock has a market cap of $6.08 billion, a price-to-earnings ratio of 9.73 and a beta of 1.03. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.43.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.21. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.97 earnings per share. Analysts forecast that Open Text Corporation will post 3.72 EPS for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be given a dividend of $0.28 per share. This is a boost from Open Text’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. This represents a $1.12 dividend on an annualized basis and a yield of 4.5%. Open Text’s payout ratio is presently 43.41%.

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.