Open Text Corporation $OTEX Shares Acquired by Public Sector Pension Investment Board

Public Sector Pension Investment Board increased its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 257.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,452 shares of the software maker’s stock after purchasing an additional 64,416 shares during the quarter. Public Sector Pension Investment Board’s holdings in Open Text were worth $3,344,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. increased its holdings in Open Text by 2.9% in the second quarter. Oppenheimer Asset Management Inc. now owns 13,174 shares of the software maker’s stock valued at $385,000 after buying an additional 370 shares in the last quarter. Tidal Investments LLC grew its holdings in shares of Open Text by 2.6% in the 2nd quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock worth $527,000 after acquiring an additional 460 shares during the period. WealthCollab LLC grew its holdings in shares of 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 acquiring an additional 464 shares during the period. EverSource Wealth Advisors LLC increased its stake 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 valued at $59,000 after purchasing an additional 570 shares in the last quarter. Finally, MAI Capital Management raised its holdings in Open Text by 58.7% during the second quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock worth $47,000 after purchasing an additional 590 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on OTEX shares. Raymond James Financial dropped their price target on Open Text from $48.00 to $42.00 and set an “outperform” rating for the company in a research report on Friday, February 6th. Zacks Research downgraded shares of Open Text from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. TD Securities upgraded shares of Open Text to a “hold” rating in a research report on Monday, February 2nd. UBS Group set a $26.00 price target on shares of Open Text in a research report on Friday, February 6th. Finally, Jefferies Financial Group raised their price objective on shares of Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a research note on Thursday, November 6th. Three research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $35.75.

Open Text Price Performance

Open Text stock opened at $24.76 on Friday. The stock has a market capitalization of $6.20 billion, a P/E ratio of 14.56 and a beta of 1.08. Open Text Corporation has a 12-month low of $22.44 and a 12-month high of $39.90. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.94 and a quick ratio of 0.94. The firm’s 50-day moving average is $29.35 and its two-hundred day moving average is $33.08.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, February 5th. The software maker reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.09. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.29 billion. Open Text had a net margin of 8.42% and a return on equity of 23.60%. The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.11 earnings per share. Equities analysts predict that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be issued a dividend of $0.275 per share. The ex-dividend date is Friday, March 6th. This represents a $1.10 annualized dividend and a dividend yield of 4.4%. Open Text’s dividend payout ratio (DPR) is 64.71%.

About Open Text

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.