Swiss National Bank Has $18.96 Million Stake in Open Text Corporation (NASDAQ:OTEX)

Key Points

• The Swiss National Bank reduced its holdings in Open Text Corporation by 2.6% during the first quarter, owning 750,600 shares worth approximately $18.96 million.
• Open Text announced an increased quarterly dividend of $0.275, which corresponds to an annualized yield of 3.7%, up from the previous dividend of $0.26.
• Analysts have varying ratings on Open Text, with a consensus rating of "Hold" and a target price of approximately $32.60, reflecting differing expectations for the stock's performance.

Swiss National Bank cut its stake in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 2.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 750,600 shares of the software maker's stock after selling 20,300 shares during the period. Swiss National Bank owned 0.29% of Open Text worth $18,958,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Versant Capital Management Inc acquired a new position in shares of Open Text during the first quarter valued at $26,000. Parallel Advisors LLC increased its holdings in shares of Open Text by 219.3% during the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock valued at $49,000 after purchasing an additional 1,331 shares during the period. Stifel Financial Corp increased its holdings in shares of Open Text by 2.2% during the fourth quarter. Stifel Financial Corp now owns 68,511 shares of the software maker's stock valued at $1,940,000 after purchasing an additional 1,453 shares during the period. LPL Financial LLC increased its holdings in shares of Open Text by 8.7% during the fourth quarter. LPL Financial LLC now owns 18,509 shares of the software maker's stock valued at $524,000 after purchasing an additional 1,479 shares during the period. Finally, Alps Advisors Inc. increased its holdings in shares of Open Text by 5.8% during the first quarter. Alps Advisors Inc. now owns 33,109 shares of the software maker's stock valued at $836,000 after purchasing an additional 1,807 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. CIBC reissued a "neutral" rating on shares of Open Text in a report on Monday, August 11th. Wall Street Zen raised Open Text from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. UBS Group decreased their target price on Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Citigroup raised their target price on Open Text from $29.00 to $43.00 and gave the company a "negative" rating in a research note on Friday, May 2nd. Finally, Barclays reaffirmed a "positive" rating on shares of Open Text in a research note on Friday, August 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, Open Text presently has a consensus rating of "Hold" and a consensus price target of $32.60.

Open Text Trading Up 2.1%

OTEX stock traded up $0.65 during mid-day trading on Friday, reaching $31.69. 1,678,254 shares of the stock traded hands, compared to its average volume of 1,436,635. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61. Open Text Corporation has a 52-week low of $22.79 and a 52-week high of $34.20. The company has a market cap of $8.06 billion, a P/E ratio of 19.21 and a beta of 1.12. The stock's fifty day moving average is $29.19 and its 200-day moving average is $27.68.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings data on Thursday, August 7th. The software maker reported $0.97 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.11. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same period in the prior year, the firm earned $0.98 earnings per share. The business's quarterly revenue was down 3.8% on a year-over-year basis. As a group, sell-side analysts expect that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Friday, September 5th. This is a boost from Open Text's previous quarterly dividend of $0.26. Open Text's dividend payout ratio is 63.64%.

About Open Text

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.