Arbejdsmarkedets Tillaegspension Buys 347,695 Shares of Open Text Corporation $OTEX

Arbejdsmarkedets Tillaegspension raised its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 49.8% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,045,953 shares of the software maker’s stock after purchasing an additional 347,695 shares during the period. Arbejdsmarkedets Tillaegspension’s holdings in Open Text were worth $23,262,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Tidal Investments LLC grew its stake in Open Text by 2.6% in the 2nd quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock valued at $527,000 after purchasing an additional 460 shares during the period. WealthCollab LLC grew its position in shares of Open Text by 39.5% during the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after acquiring an additional 464 shares during the period. Vident Advisory LLC increased its position in Open Text by 3.7% in the fourth quarter. Vident Advisory LLC now owns 15,715 shares of the software maker’s stock worth $512,000 after buying an additional 555 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Open Text by 39.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after acquiring an additional 570 shares during the period. Finally, State of Tennessee Department of Treasury raised its stake in Open Text by 0.4% in the 4th quarter. State of Tennessee Department of Treasury now owns 147,862 shares of the software maker’s stock valued at $4,817,000 after acquiring an additional 584 shares during the period. 70.37% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Barclays upped their price target on shares of Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. Scotia decreased their price target on Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 8th. Weiss Ratings reissued a “hold (c-)” rating on shares of Open Text in a report on Wednesday, June 24th. Raymond James Financial decreased their price objective on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, May 8th. Finally, UBS Group set a $25.00 price objective on shares of Open Text in a research report on Friday, May 8th. Four analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $33.67.

Open Text Stock Performance

Shares of OTEX stock opened at $23.57 on Tuesday. The company has a market capitalization of $5.72 billion, a P/E ratio of 11.50 and a beta of 1.04. Open Text Corporation has a fifty-two week low of $19.77 and a fifty-two week high of $39.90. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a 50 day moving average price of $22.78 and a two-hundred day moving average price of $24.68.

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

Open Text Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend was Friday, June 5th. Open Text’s dividend payout ratio is currently 53.66%.

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.