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

Pictet Asset Management Holding SA decreased its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 13.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 305,919 shares of the software maker’s stock after selling 45,944 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Open Text were worth $6,790,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC bought a new stake in Open Text during the 3rd quarter worth approximately $33,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Open Text by 5,096.8% in 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 in the last quarter. WealthCollab LLC lifted its holdings in shares of Open Text by 39.5% in the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after purchasing an additional 464 shares in the last quarter. Osaic Holdings Inc. boosted its position 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 valued at $52,000 after buying an additional 937 shares during the last quarter. Finally, Barclays PLC boosted its position in shares of Open Text by 55.5% during the fourth quarter. Barclays PLC now owns 1,854 shares of the software maker’s stock valued at $60,000 after buying an additional 662 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on OTEX shares. Scotiabank lowered their price target on Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research report on Friday, May 8th. Wall Street Zen raised shares of Open Text from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Open Text in a research note on Wednesday, June 24th. Raymond James Financial lowered their target price on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, May 8th. Finally, Citigroup dropped their price target on shares of Open Text from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $33.67.

Open Text Stock Performance

OTEX stock opened at $23.04 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.56. The firm has a market cap of $5.59 billion, a PE ratio of 11.24 and a beta of 1.04. The business has a 50 day moving average of $22.72 and a 200-day moving average of $25.17. Open Text Corporation has a 12-month low of $19.77 and a 12-month high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the previous year, the firm earned $0.82 earnings per share. The business’s revenue was up 2.2% on a year-over-year basis. As a group, sell-side analysts expect that Open Text Corporation will post 4.05 earnings per share for the current year.

Open Text Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Friday, June 5th. Open Text’s payout ratio is presently 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.