Pictet Asset Management Ltd. increased its stake in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 4.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,635 shares of the software maker’s stock after buying an additional 4,300 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Open Text were worth $4,393,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the business. Signaturefd LLC boosted its holdings in shares of Open Text by 6.6% in the 1st quarter. Signaturefd LLC now owns 4,948 shares of the software maker’s stock valued at $190,000 after purchasing an additional 306 shares in the last quarter. Meadow Creek Investment Management LLC boosted its holdings in shares of Open Text by 13.1% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 2,896 shares of the software maker’s stock valued at $115,000 after purchasing an additional 336 shares in the last quarter. Flagship Harbor Advisors LLC boosted its holdings in shares of Open Text by 141.2% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 627 shares of the software maker’s stock valued at $25,000 after purchasing an additional 367 shares in the last quarter. Neuburgh Advisers LLC boosted its holdings in shares of Open Text by 13.1% in the 2nd quarter. Neuburgh Advisers LLC now owns 3,982 shares of the software maker’s stock valued at $158,000 after purchasing an additional 462 shares in the last quarter. Finally, Tyers Asset Management LLC boosted its holdings in shares of Open Text by 13.1% in the 2nd quarter. Tyers Asset Management LLC now owns 5,068 shares of the software maker’s stock valued at $201,000 after purchasing an additional 588 shares in the last quarter. 64.55% of the stock is currently owned by hedge funds and other institutional investors.
OTEX has been the topic of a number of research analyst reports. Benchmark reaffirmed a “buy” rating and issued a $48.00 target price (up previously from $42.00) on shares of Open Text in a report on Thursday, July 11th. Raymond James set a $48.00 price target on Open Text and gave the company an “outperform” rating in a research note on Friday, August 2nd. BidaskClub cut Open Text from a “buy” rating to a “hold” rating in a research note on Monday. Royal Bank of Canada cut Open Text to a “buy” rating and set a $47.00 price target for the company. in a research note on Monday, September 9th. Finally, CIBC reiterated a “buy” rating and issued a $53.00 price target on shares of Open Text in a research note on Sunday, August 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. Open Text presently has a consensus rating of “Buy” and an average target price of $47.25.
Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, August 1st. The software maker reported $0.27 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.10). Open Text had a net margin of 9.95% and a return on equity of 7.50%. The firm had revenue of $747.20 million during the quarter, compared to the consensus estimate of $763.51 million. During the same quarter in the previous year, the company posted $0.72 earnings per share. The firm’s revenue was down .9% on a year-over-year basis. Equities analysts anticipate that Open Text Corp will post 1.57 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.71%. This is a boost from Open Text’s previous quarterly dividend of $0.17. The ex-dividend date is Thursday, August 29th. Open Text’s dividend payout ratio is presently 66.04%.
Open Text Profile
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
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