Open Text Corporation $OTEX Shares Purchased by Swiss National Bank

Key Points

• Swiss National Bank boosted its Open Text stake by 26.5% in the first quarter, buying 177,700 additional shares and bringing its total to 848,200 shares worth about $18.9 million.
• Open Text has broad institutional ownership, with several large investors also adding to positions; overall, institutions own about 70.37% of the stock.
• Recent company results and shareholder returns were solid: Open Text reported earnings and revenue above estimates, and it paid a quarterly dividend of $0.275, equal to a 4.9% annualized yield.

Swiss National Bank increased its stake in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 26.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 848,200 shares of the software maker's stock after purchasing an additional 177,700 shares during the quarter. Swiss National Bank owned about 0.35% of Open Text worth $18,874,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Open Text in the 4th quarter worth approximately $106,700,000. First Trust Advisors LP grew its position in Open Text by 27.3% during the 4th quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker's stock worth $374,394,000 after purchasing an additional 2,466,264 shares in the last quarter. Morgan Stanley lifted its stake in Open Text by 76.8% in the 4th quarter. Morgan Stanley now owns 2,884,381 shares of the software maker's stock worth $93,973,000 after acquiring an additional 1,253,405 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Open Text by 11.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 10,734,420 shares of the software maker's stock worth $349,978,000 after purchasing an additional 1,122,320 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Open Text by 48.9% during the third quarter. Dimensional Fund Advisors LP now owns 2,592,578 shares of the software maker's stock worth $96,914,000 after acquiring an additional 851,303 shares in the last quarter. 70.37% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on OTEX shares. Scotiabank decreased their price target on Open Text from $50.00 to $40.00 and set a "sector outperform" rating for the company in a research note on Friday, May 8th. UBS Group set a $25.00 price objective on Open Text in a research report on Friday, May 8th. Wall Street Zen upgraded Open Text from a "buy" rating to a "strong-buy" rating in a research note on Monday, July 20th. Scotia cut their target price on shares of Open Text from $50.00 to $40.00 and set a "sector outperform" rating for the company in a research note on Friday, May 8th. Finally, Raymond James Financial reduced their price target on shares of Open Text from $42.00 to $35.00 and set an "outperform" rating on the stock in a research report on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $33.67.

Open Text Stock Up 3.9%

Shares of NASDAQ OTEX opened at $22.37 on Friday. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.94 and a current ratio of 0.94. Open Text Corporation has a 52-week low of $19.77 and a 52-week high of $39.90. The firm has a 50 day moving average price of $22.64 and a 200 day moving average price of $24.09. The stock has a market cap of $5.42 billion, a P/E ratio of 10.91 and a beta of 1.04.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its earnings results 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. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.26 billion. Open Text had a return on equity of 24.77% and a net margin of 9.91%.The company's revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.82 earnings per share. Analysts expect that Open Text Corporation will post 4.05 EPS for the current year.

Open Text Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were paid a $0.275 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.10 annualized dividend and a yield of 4.9%. Open Text's payout ratio is presently 53.66%.

Open Text 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.

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.