Zurcher Kantonalbank Zurich Cantonalbank Has $7.38 Million Holdings in Open Text Corporation $OTEX

Key Points

• Zurcher Kantonalbank increased its stake in Open Text by 217.9% in Q4, buying 155,064 shares to hold 226,232 shares worth about $7.38 million (roughly 0.09% of the company).
• Analyst sentiment is mixed-to-neutral: the consensus rating is "Hold" (3 Buys, 11 Holds) with an average target of $35.33, while several brokers have recently cut targets into the mid-$20s; shares trade near $22.29 with a one-year range of $20.00–$39.90.
• Recent results and payout: Open Text beat quarterly EPS estimates ($1.13 vs. $1.04) and slightly topped revenue expectations, pays an annualized dividend yielding ~4.9% (payout ratio ~64.7%), and about 70.4% of the stock is owned by institutions.

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 217.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 226,232 shares of the software maker's stock after buying an additional 155,064 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.09% of Open Text worth $7,377,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Lorne Steinberg Wealth Management Inc. boosted its stake in Open Text by 0.7% in the fourth quarter. Lorne Steinberg Wealth Management Inc. now owns 194,613 shares of the software maker's stock valued at $6,347,000 after buying an additional 1,380 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in Open Text by 15.4% in the fourth quarter. Farther Finance Advisors LLC now owns 8,461 shares of the software maker's stock valued at $276,000 after buying an additional 1,130 shares in the last quarter. Dara Capital US Inc. acquired a new stake in shares of Open Text during the fourth quarter valued at about $89,000. Mn Services Vermogensbeheer B.V. boosted its stake in shares of Open Text by 2.9% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 99,268 shares of the software maker's stock valued at $3,237,000 after purchasing an additional 2,828 shares in the last quarter. Finally, Wedge Capital Management L L P NC boosted its stake in shares of Open Text by 0.9% during the fourth quarter. Wedge Capital Management L L P NC now owns 119,561 shares of the software maker's stock valued at $3,895,000 after purchasing an additional 1,095 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on OTEX. UBS Group set a $26.00 price target on Open Text in a research note on Friday, February 6th. Zacks Research lowered Open Text from a "strong-buy" rating to a "hold" rating in a research note on Monday, January 5th. Barclays cut their price target on Open Text from $30.00 to $25.00 and set an "equal weight" rating on the stock in a research note on Monday. TD Securities raised Open Text to a "hold" rating in a research note on Monday, February 2nd. Finally, Citigroup lowered their price objective on Open Text from $36.00 to $26.00 and set a "neutral" rating for the company in a research report on Friday, February 6th. Three analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $35.33.

Open Text Price Performance

Shares of OTEX opened at $22.29 on Friday. Open Text Corporation has a 1 year low of $20.00 and a 1 year high of $39.90. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $5.40 billion, a price-to-earnings ratio of 13.11 and a beta of 1.08. The business has a 50-day moving average of $23.33 and a 200-day moving average of $29.78.

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

Open Text Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date was Friday, March 6th. Open Text's payout ratio is presently 64.71%.

Open Text Company 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.

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