3,321,386 Shares in Open Text Co. (NASDAQ:OTEX) Purchased by Norges Bank

Norges Bank purchased a new stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 3,321,386 shares of the software maker’s stock, valued at approximately $139,600,000. Norges Bank owned 1.22% of Open Text as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Open Text by 1.6% during the third quarter. Vanguard Group Inc. now owns 10,086,008 shares of the software maker’s stock valued at $354,019,000 after purchasing an additional 154,240 shares in the last quarter. Vontobel Holding Ltd. lifted its position in shares of Open Text by 182.1% during the 4th quarter. Vontobel Holding Ltd. now owns 37,176 shares of the software maker’s stock worth $1,563,000 after buying an additional 24,000 shares during the last quarter. Value Partners Investments Inc. boosted its stake in Open Text by 16.3% in the fourth quarter. Value Partners Investments Inc. now owns 2,046,243 shares of the software maker’s stock valued at $85,983,000 after buying an additional 286,766 shares in the last quarter. Qube Research & Technologies Ltd bought a new position in Open Text in the third quarter valued at about $2,630,000. Finally, Canada Pension Plan Investment Board raised its stake in Open Text by 7.1% during the third quarter. Canada Pension Plan Investment Board now owns 837,880 shares of the software maker’s stock worth $29,543,000 after acquiring an additional 55,360 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on OTEX. BMO Capital Markets lowered shares of Open Text from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $50.00 to $38.00 in a report on Friday, May 3rd. Raymond James lowered their price target on shares of Open Text from $55.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Barclays dropped their target price on Open Text from $44.00 to $38.00 and set an “equal weight” rating for the company in a research report on Friday, May 3rd. Jefferies Financial Group reduced their price target on Open Text from $45.00 to $42.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Finally, TD Securities cut their target price on shares of Open Text from $54.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $42.25.

Open Text Price Performance

Shares of OTEX opened at $30.35 on Friday. The firm has a market cap of $8.28 billion, a PE ratio of 48.95 and a beta of 1.10. Open Text Co. has a 52-week low of $28.19 and a 52-week high of $45.47. The business’s 50 day moving average price is $35.06 and its two-hundred day moving average price is $38.41. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.84 EPS for the quarter, topping the consensus estimate of $0.81 by $0.03. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.43 billion. Open Text had a return on equity of 24.45% and a net margin of 2.85%. On average, equities analysts anticipate that Open Text Co. will post 3.79 EPS for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.435 per share. This represents a $1.74 dividend on an annualized basis and a yield of 5.73%. This is an increase from Open Text’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 31st. Open Text’s payout ratio is currently 161.29%.

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.