Bank of New York Mellon Corp increased its stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 24.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 438,892 shares of the software maker's stock after acquiring an additional 86,487 shares during the period. Bank of New York Mellon Corp owned about 0.17% of Open Text worth $11,086,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Open Text during the 4th quarter worth about $93,216,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Open Text by 75.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker's stock worth $169,555,000 after buying an additional 2,586,549 shares during the last quarter. Value Partners Investments Inc. boosted its stake in shares of Open Text by 1,162.1% during the 1st quarter. Value Partners Investments Inc. now owns 2,333,539 shares of the software maker's stock worth $58,955,000 after buying an additional 2,148,639 shares during the last quarter. JARISLOWSKY FRASER Ltd boosted its stake in shares of Open Text by 11.8% during the 4th quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker's stock worth $522,879,000 after buying an additional 1,957,695 shares during the last quarter. Finally, Criteria Caixa S.A.U. acquired a new position in shares of Open Text during the 4th quarter worth about $32,890,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on the stock. Scotiabank reduced their price objective on shares of Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a research note on Monday, April 28th. BMO Capital Markets reduced their price objective on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a research note on Friday, May 2nd. Citigroup boosted their price objective on shares of Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a research note on Friday, May 2nd. National Bankshares lowered their price objective on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating on the stock in a research note on Friday, April 25th. Finally, Wall Street Zen upgraded shares of Open Text from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $32.30.
Read Our Latest Research Report on OTEX
Open Text Stock Performance
Shares of OTEX stock opened at $28.46 on Monday. The company has a market capitalization of $7.30 billion, a price-to-earnings ratio of 11.62 and a beta of 1.13. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.86 and a current ratio of 0.86. The company has a 50-day simple moving average of $28.51 and a 200 day simple moving average of $27.44. Open Text Corporation has a 52 week low of $22.79 and a 52 week high of $34.20.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its earnings results on Wednesday, April 30th. The software maker reported $0.82 EPS for the quarter, topping the consensus estimate of $0.81 by $0.01. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a net margin of 12.55% and a return on equity of 22.49%. Open Text's revenue was down 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.94 EPS. On average, sell-side analysts predict that Open Text Corporation will post 3.45 earnings per share for the current year.
Open Text Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were issued a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a dividend yield of 3.69%. The ex-dividend date was Friday, June 6th. Open Text's payout ratio is 42.86%.
Open Text Profile
(
Free Report)
Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.
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