Zurcher Kantonalbank Zurich Cantonalbank Acquires 155,064 Shares of Open Text Corporation $OTEX

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 217.9% in the fourth quarter, HoldingsChannel reports. The firm owned 226,232 shares of the software maker’s stock after purchasing an additional 155,064 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Open Text were worth $7,377,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Tidal Investments LLC increased its holdings in shares of Open Text by 2.6% during the second quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock valued at $527,000 after acquiring an additional 460 shares in the last quarter. WealthCollab LLC increased its holdings in shares of Open Text by 39.5% during the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after acquiring an additional 464 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Open Text by 39.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after acquiring an additional 570 shares in the last quarter. Access Investment Management LLC increased its holdings in shares of Open Text by 0.3% during the third quarter. Access Investment Management LLC now owns 199,835 shares of the software maker’s stock valued at $7,470,000 after acquiring an additional 590 shares in the last quarter. Finally, Lazard Asset Management LLC increased its holdings in shares of Open Text by 1.0% during the second quarter. Lazard Asset Management LLC now owns 66,512 shares of the software maker’s stock valued at $1,942,000 after acquiring an additional 655 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Open Text Trading Down 5.1%

Shares of Open Text stock opened at $22.29 on Friday. The stock has a fifty day simple moving average of $23.33 and a 200 day simple moving average of $29.78. Open Text Corporation has a 12-month low of $20.00 and a 12-month high of $39.90. The company has a market capitalization of $5.40 billion, a P/E ratio of 13.11 and a beta of 1.08. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.57.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, February 5th. The software maker reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.09. Open Text had a return on equity of 23.60% and a net margin of 8.42%.The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the company posted $1.11 earnings per share. Open Text’s revenue was down .6% compared to the same quarter last year. On average, sell-side analysts anticipate that Open Text Corporation will post 3.98 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were given a $0.275 dividend. The ex-dividend date of this dividend was Friday, March 6th. This represents a $1.10 annualized dividend and a yield of 4.9%. Open Text’s payout ratio is currently 64.71%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on OTEX. Barclays decreased their price objective on Open Text from $30.00 to $25.00 and set an “equal weight” rating for the company in a report on Monday. UBS Group set a $26.00 price objective on Open Text in a report on Friday, February 6th. Citigroup decreased their price objective on Open Text from $36.00 to $26.00 and set a “neutral” rating for the company in a report on Friday, February 6th. Raymond James Financial cut their target price on Open Text from $48.00 to $42.00 and set an “outperform” rating on the stock in a research report on Friday, February 6th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Open Text in a report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $35.33.

Open Text 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.