2,083,245 Shares in Open Text Corporation $OTEX Purchased by BlackRock Inc.

Key Points

• BlackRock acquired 2,083,245 Open Text shares worth approximately $46.1 million, giving it a 0.86% stake. Institutional investors and hedge funds collectively own 70.37% of the company.
• Analysts have a consensus “Hold” rating and an average price target of $32.46, compared with the stock’s reported opening price of $24.93.
• Open Text beat quarterly earnings and revenue expectations, reporting $1.23 EPS and $1.33 billion in revenue. The company also declared a quarterly dividend of $0.28 per share, representing a 4.5% annualized yield.

BlackRock Inc. acquired a new position in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 2,083,245 shares of the software maker's stock, valued at approximately $46,144,000. BlackRock Inc. owned about 0.86% of Open Text at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in OTEX. Goldman Sachs Group Inc. lifted its holdings in Open Text by 75.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker's stock valued at $36,307,000 after purchasing an additional 619,527 shares in the last quarter. United Services Automobile Association purchased a new position in shares of Open Text during the first quarter valued at approximately $213,000. EverSource Wealth Advisors LLC grew 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 worth $59,000 after acquiring an additional 570 shares during the period. Cerity Partners LLC increased its stake in Open Text by 3.4% in the second quarter. Cerity Partners LLC now owns 49,003 shares of the software maker's stock valued at $1,431,000 after purchasing an additional 1,612 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its holdings in Open Text by 16.8% in the second quarter. Qube Research & Technologies Ltd now owns 46,500 shares of the software maker's stock valued at $1,360,000 after purchasing an additional 6,700 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Barclays upped their price objective on Open Text from $25.00 to $27.00 and gave the stock an "equal weight" rating in a report on Monday, May 11th. Raymond James Financial cut Open Text from an "outperform" rating to a "market perform" rating and decreased their target price for the stock from $35.00 to $29.50 in a report on Thursday, August 6th. National Bank Financial decreased their price objective on shares of Open Text from $45.00 to $33.00 and set an "outperform" rating for the company in a research note on Wednesday, May 27th. Citigroup increased their price target on Open Text from $25.00 to $28.00 and gave the company a "neutral" rating in a report on Friday, August 7th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Open Text in a research report on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $32.46.

Open Text Price Performance

Shares of OTEX stock opened at $24.93 on Tuesday. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.81 and a quick ratio of 0.81. Open Text Corporation has a 1-year low of $19.77 and a 1-year high of $39.90. The firm has a fifty day moving average of $23.75 and a two-hundred day moving average of $23.35. The firm has a market cap of $6.04 billion, a P/E ratio of 9.66 and a beta of 1.03.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings data on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.21. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The firm had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.29 billion. During the same quarter in the prior year, the firm posted $0.97 earnings per share. Open Text's revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, research analysts anticipate that Open Text Corporation will post 3.72 earnings per share for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be issued a $0.28 dividend. This is a boost from Open Text's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.12 annualized dividend and a dividend yield of 4.5%. Open Text's dividend payout ratio (DPR) is presently 42.64%.

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.

Want to see what other hedge funds are holding OTEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source