Swiss National Bank Raises Position in Open Text Corp (NASDAQ:OTEX)

Swiss National Bank increased its stake in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 5.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 991,500 shares of the software maker’s stock after buying an additional 50,900 shares during the period. Swiss National Bank’s holdings in Open Text were worth $40,912,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC boosted its holdings in Open Text by 141.2% during the second quarter. Flagship Harbor Advisors LLC now owns 627 shares of the software maker’s stock worth $25,000 after buying an additional 367 shares in the last quarter. Meridian Wealth Management LLC purchased a new stake in Open Text during the first quarter worth about $25,000. Zions Bancorporation N.A. purchased a new stake in Open Text during the first quarter worth about $27,000. Icon Wealth Partners LLC purchased a new stake in Open Text during the first quarter worth about $46,000. Finally, Bremer Bank National Association purchased a new stake in Open Text during the first quarter worth about $109,000. 65.96% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms recently commented on OTEX. BidaskClub downgraded shares of Open Text from a “hold” rating to a “sell” rating in a report on Wednesday, August 7th. Zacks Investment Research downgraded shares of Open Text from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. TD Securities upped their price target on shares of Open Text from $45.00 to $48.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Raymond James set a $48.00 price target on shares of Open Text and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, Benchmark reaffirmed a “buy” rating and issued a $48.00 price target (up previously from $42.00) on shares of Open Text in a report on Thursday, July 11th. Two investment analysts have rated the stock with a sell rating and seven have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $47.25.

Shares of NASDAQ OTEX traded up $0.38 on Wednesday, hitting $38.97. The company’s stock had a trading volume of 4,007 shares, compared to its average volume of 667,210. Open Text Corp has a 12-month low of $30.99 and a 12-month high of $44.49. The company has a market capitalization of $10.55 billion, a price-to-earnings ratio of 36.84 and a beta of 0.53. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.54 and a quick ratio of 1.54. The stock has a 50 day moving average of $41.11 and a 200-day moving average of $39.54.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, August 1st. The software maker reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.10). Open Text had a net margin of 9.95% and a return on equity of 7.50%. The business had revenue of $747.20 million during the quarter, compared to analysts’ expectations of $763.51 million. During the same period last year, the company earned $0.72 EPS. The firm’s revenue for the quarter was down .9% on a year-over-year basis. Sell-side analysts expect that Open Text Corp will post 1.57 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be issued a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.80%. The ex-dividend date is Thursday, August 29th. This is an increase from Open Text’s previous quarterly dividend of $0.17. Open Text’s dividend payout ratio is 66.04%.

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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Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

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