Pictet Asset Management Holding SA Grows Position in Open Text Corporation $OTEX

Key Points

• Pictet Asset Management increased its stake in Open Text by 43.6% to 351,863 shares (about 0.14% of the company), valuing its holding at roughly $11.48 million, while other institutions (UBS, Munich Re, etc.) also meaningfully boosted positions and institutional investors now own about 70.37% of the stock.
• Quarterly results topped estimates with $1.13 EPS vs. $1.04 expected and $1.32 billion in revenue (down 0.6% YoY), and analysts forecast fiscal-year EPS of 3.98 amid a consensus "Hold" rating and a $36 average target.
• Dividend and valuation: Open Text pays a $0.275 quarterly dividend ($1.10 annualized, 4.7% yield, 64.7% payout ratio) and trades near $23.20 with a P/E of 13.65 and a market cap of about $5.62 billion (50-day MA $23.12, 200-day MA $29.15).

Pictet Asset Management Holding SA grew its stake in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 43.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 351,863 shares of the software maker's stock after purchasing an additional 106,836 shares during the period. Pictet Asset Management Holding SA owned about 0.14% of Open Text worth $11,477,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. UBS Group AG boosted its position in Open Text by 61.3% in the 4th quarter. UBS Group AG now owns 662,567 shares of the software maker's stock worth $21,586,000 after purchasing an additional 251,851 shares in the last quarter. Sanctuary Advisors LLC boosted its position in Open Text by 3.8% in the 4th quarter. Sanctuary Advisors LLC now owns 27,811 shares of the software maker's stock worth $906,000 after purchasing an additional 1,009 shares in the last quarter. Munich Reinsurance Co Stock Corp in Munich boosted its position in Open Text by 59.0% in the 4th quarter. Munich Reinsurance Co Stock Corp in Munich now owns 427,564 shares of the software maker's stock worth $14,121,000 after purchasing an additional 158,698 shares in the last quarter. Montrusco Bolton Investments Inc. purchased a new stake in Open Text in the 4th quarter worth approximately $7,140,000. Finally, Meritage Portfolio Management raised its stake in shares of Open Text by 17.3% during the 4th quarter. Meritage Portfolio Management now owns 154,162 shares of the software maker's stock worth $5,023,000 after buying an additional 22,755 shares during the period. Hedge funds and other institutional investors own 70.37% of the company's stock.

Open Text Stock Up 2.4%

NASDAQ OTEX opened at $23.20 on Friday. The business has a fifty day moving average price of $23.12 and a 200 day moving average price of $29.15. Open Text Corporation has a one year low of $20.00 and a one year high of $39.90. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market cap of $5.62 billion, a P/E ratio of 13.65 and a beta of 1.04.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings data on Thursday, February 5th. The software maker reported $1.13 EPS for the quarter, beating the consensus estimate of $1.04 by $0.09. Open Text had a return on equity of 23.60% and a net margin of 8.42%.The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the prior year, the company earned $1.11 EPS. The firm's revenue was down .6% compared to the same quarter last year. Research analysts anticipate that Open Text Corporation will post 3.98 EPS for the current fiscal year.

Open Text Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend was Friday, March 6th. Open Text's dividend payout ratio is currently 64.71%.

Analyst Ratings Changes

Several research analysts have recently weighed in on OTEX shares. Zacks Research downgraded Open Text from a "strong-buy" rating to a "hold" rating in a research note on Monday, January 5th. Citigroup reduced their target price on Open Text from $36.00 to $26.00 and set a "neutral" rating for the company in a research note on Friday, February 6th. UBS Group set a $26.00 target price on Open Text in a research note on Friday, February 6th. TD Securities raised Open Text to a "hold" rating in a research note on Monday, February 2nd. Finally, Raymond James Financial reduced their target price on Open Text from $48.00 to $42.00 and set an "outperform" rating for the company in a research note on Friday, February 6th. Three investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, Open Text currently has an average rating of "Hold" and a consensus target price of $36.00.

About Open Text

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.

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