Oppenheimer Asset Management Inc. Acquires Shares of 12,804 Open Text Corporation (NASDAQ:OTEX)

Oppenheimer Asset Management Inc. purchased a new position in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 12,804 shares of the software maker's stock, valued at approximately $323,000.

Several other institutional investors have also added to or reduced their stakes in OTEX. Parallel Advisors LLC lifted its stake in shares of Open Text by 219.3% in the 1st quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock valued at $49,000 after acquiring an additional 1,331 shares during the last quarter. Two Sigma Investments LP lifted its position in Open Text by 483.2% in the fourth quarter. Two Sigma Investments LP now owns 72,906 shares of the software maker's stock valued at $2,065,000 after purchasing an additional 60,406 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Open Text in the fourth quarter valued at approximately $3,572,000. BNP Paribas Financial Markets boosted its stake in shares of Open Text by 154.5% during the fourth quarter. BNP Paribas Financial Markets now owns 28,233 shares of the software maker's stock valued at $800,000 after purchasing an additional 17,140 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Open Text by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 677,709 shares of the software maker's stock worth $19,170,000 after purchasing an additional 5,177 shares during the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on OTEX shares. Royal Bank Of Canada lowered their price target on shares of Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a report on Tuesday, April 22nd. UBS Group lowered their price objective on shares of Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Wall Street Zen raised Open Text from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Scotiabank lowered their price target on Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a research report on Monday, April 28th. Finally, Barclays dropped their price objective on Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $32.30.

Open Text Stock Down 0.6%

Open Text stock traded down $0.18 during trading hours on Wednesday, hitting $29.38. 105,573 shares of the stock traded hands, compared to its average volume of 936,680. Open Text Corporation has a one year low of $22.79 and a one year high of $34.20. The firm's 50-day moving average price is $27.92 and its two-hundred day moving average price is $27.37. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.54. The company has a market cap of $7.54 billion, a PE ratio of 11.96 and a beta of 1.13.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.01. Open Text had a return on equity of 22.49% and a net margin of 12.55%. The company had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the company posted $0.94 earnings per share. The firm's revenue was down 13.3% on a year-over-year basis. On average, research analysts forecast that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were paid a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a yield of 3.57%. The ex-dividend date was Friday, June 6th. Open Text's payout ratio is currently 42.86%.

Open Text Company Profile

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.