Shine Investment Advisory Services Inc. boosted its position in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 18.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,622 shares of the software maker’s stock after acquiring an additional 405 shares during the period. Shine Investment Advisory Services Inc.’s holdings in Open Text were worth $101,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in OTEX. Norges Bank bought a new position in Open Text in the fourth quarter worth approximately $66,347,000. Mackenzie Financial Corp boosted its holdings in Open Text by 38.7% in the fourth quarter. Mackenzie Financial Corp now owns 5,446,327 shares of the software maker’s stock worth $177,550,000 after acquiring an additional 1,520,874 shares in the last quarter. Nordea Investment Management AB bought a new position in Open Text in the third quarter worth approximately $37,491,000. Morgan Stanley boosted its holdings in Open Text by 176.0% in the third quarter. Morgan Stanley now owns 1,144,367 shares of the software maker’s stock worth $43,533,000 after acquiring an additional 729,774 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Open Text by 30.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,400,625 shares of the software maker’s stock worth $78,216,000 after acquiring an additional 566,095 shares in the last quarter. Institutional investors and hedge funds own 68.23% of the company’s stock.
OTEX has been the topic of a number of recent research reports. Zacks Investment Research upgraded Open Text from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a report on Wednesday, April 3rd. BMO Capital Markets set a $43.00 target price on Open Text and gave the company a “buy” rating in a report on Saturday, February 2nd. TD Securities raised their target price on Open Text from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, February 1st. Raymond James restated an “outperform” rating and issued a $48.00 target price on shares of Open Text in a report on Friday, January 25th. Finally, Royal Bank of Canada raised their target price on Open Text from $45.00 to $47.00 and gave the company an “outperform” rating in a report on Friday, February 1st. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $45.40.
Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, January 31st. The software maker reported $0.39 EPS for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.16. The business had revenue of $735.23 million for the quarter, compared to analyst estimates of $744.81 million. Open Text had a return on equity of 7.00% and a net margin of 9.19%. Analysts predict that Open Text Corp will post 0.83 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 1st were issued a dividend of $0.116 per share. The ex-dividend date of this dividend was Thursday, February 28th. This represents a $0.46 dividend on an annualized basis and a yield of 1.19%. Open Text’s dividend payout ratio (DPR) is currently 67.03%.
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About Open Text
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
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