Swiss National Bank Has $27 Million Position in Open Text Co. (NASDAQ:OTEX)

Swiss National Bank lessened its position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 0.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 809,900 shares of the software maker’s stock after selling 6,400 shares during the period. Swiss National Bank owned approximately 0.30% of Open Text worth $27,003,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. Natixis Advisors LLC acquired a new stake in shares of Open Text in the 3rd quarter valued at $1,467,000. Oppenheimer Asset Management Inc. acquired a new stake in Open Text in the third quarter valued at about $332,000. Saturna Capital Corp grew its position in Open Text by 9.7% in the third quarter. Saturna Capital Corp now owns 41,440 shares of the software maker’s stock valued at $1,379,000 after acquiring an additional 3,650 shares during the last quarter. Access Investment Management LLC acquired a new position in Open Text during the third quarter worth about $6,509,000. Finally, Crossmark Global Holdings Inc. lifted its holdings in shares of Open Text by 1,290.4% in the third quarter. Crossmark Global Holdings Inc. now owns 336,790 shares of the software maker’s stock worth $11,209,000 after acquiring an additional 312,567 shares during the last quarter. 70.37% of the stock is owned by institutional investors.

Open Text Price Performance

Shares of OTEX opened at $29.18 on Friday. The business’s fifty day moving average is $32.00 and its 200 day moving average is $31.03. Open Text Co. has a 12-month low of $27.50 and a 12-month high of $45.47. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The stock has a market cap of $7.76 billion, a P/E ratio of 16.69 and a beta of 1.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, topping the consensus estimate of $0.80 by $0.13. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The firm’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 earnings per share. Sell-side analysts anticipate that Open Text Co. will post 3.37 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be given a $0.262 dividend. This is a positive change from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date is Friday, November 29th. Open Text’s dividend payout ratio is presently 60.69%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on OTEX. Citigroup lowered their target price on Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 1st. National Bankshares lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective for the company. in a report on Friday, August 2nd. Scotiabank reduced their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st. Royal Bank of Canada downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from $45.00 to $33.00 in a research note on Friday, November 1st. Finally, Barclays cut their price objective on Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.90.

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.