Open Text Corporation $OTEX Shares Acquired by Cibc World Market Inc.

Cibc World Market Inc. increased its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 1.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,274,416 shares of the software maker’s stock after acquiring an additional 31,407 shares during the quarter. Cibc World Market Inc. owned approximately 0.90% of Open Text worth $74,078,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Open Text by 2.0% in the third quarter. Vanguard Group Inc. now owns 11,689,086 shares of the software maker’s stock worth $436,926,000 after acquiring an additional 229,758 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of Open Text by 9.3% in the third quarter. First Trust Advisors LP now owns 9,027,450 shares of the software maker’s stock worth $337,445,000 after acquiring an additional 765,366 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of Open Text by 14.1% in the third quarter. Bank of Montreal Can now owns 3,295,347 shares of the software maker’s stock worth $123,149,000 after acquiring an additional 406,335 shares in the last quarter. Norges Bank acquired a new position in shares of Open Text in the fourth quarter worth about $106,700,000. Finally, Geode Capital Management LLC lifted its stake in shares of Open Text by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 2,680,546 shares of the software maker’s stock worth $88,929,000 after acquiring an additional 143,996 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on OTEX. Wall Street Zen upgraded Open Text from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Barclays boosted their price objective on Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Scotia lowered their price objective on Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a report on Friday, May 8th. Citigroup lowered their price objective on Open Text from $26.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, May 8th. Finally, National Bank Financial lowered their price objective on Open Text from $45.00 to $33.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Four equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, Open Text presently has a consensus rating of “Hold” and an average target price of $33.67.

Open Text Trading Down 4.4%

Shares of NASDAQ OTEX opened at $23.69 on Thursday. The company has a market cap of $5.75 billion, a price-to-earnings ratio of 11.56 and a beta of 1.05. Open Text Corporation has a 12-month low of $20.00 and a 12-month high of $39.90. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.56. The stock’s 50 day simple moving average is $22.89 and its 200 day simple moving average is $26.89.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.07. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.26 billion. Open Text had a return on equity of 24.77% and a net margin of 9.91%.The business’s revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the business posted $0.82 EPS. Equities research analysts expect that Open Text Corporation will post 4.05 EPS for the current year.

Open Text Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.10 annualized dividend and a dividend yield of 4.6%. Open Text’s dividend payout ratio (DPR) is 53.66%.

Open Text Company 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.