Canada Pension Plan Investment Board Takes $40.56 Million Position in Open Text Corporation $OTEX

Canada Pension Plan Investment Board purchased a new position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,834,379 shares of the software maker’s stock, valued at approximately $40,559,000. Canada Pension Plan Investment Board owned 0.76% of Open Text as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of OTEX. Tidal Investments LLC grew its position 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 acquiring an additional 460 shares during the last quarter. WealthCollab LLC lifted its position 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 worth $48,000 after purchasing an additional 464 shares during the last quarter. Byrne Asset Management LLC lifted its position in shares of Open Text by 11.5% during the second quarter. Byrne Asset Management LLC now owns 4,837 shares of the software maker’s stock worth $107,000 after purchasing an additional 500 shares during the last quarter. Vident Advisory LLC boosted its stake in shares of Open Text by 3.7% during the fourth quarter. Vident Advisory LLC now owns 15,715 shares of the software maker’s stock valued at $512,000 after purchasing an additional 555 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its stake 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 purchasing an additional 570 shares during the period. 70.37% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on OTEX. National Bank Financial reduced their price target on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Weiss Ratings reissued a “hold (c-)” rating on shares of Open Text in a research report on Wednesday, June 24th. UBS Group upped their target price on shares of Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Barclays raised their target price on shares of Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Monday, May 11th. Finally, Citigroup lifted their price target on shares of Open Text from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Three analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $32.46.

Open Text Stock Performance

Shares of Open Text stock opened at $25.18 on Friday. The firm has a market cap of $6.10 billion, a P/E ratio of 9.76 and a beta of 1.03. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.43. Open Text Corporation has a 12 month low of $19.77 and a 12 month high of $39.90. The stock’s fifty day moving average price is $23.56 and its 200-day moving average price is $23.36.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, August 6th. The software maker reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.21. Open Text had a net margin of 12.26% and a return on equity of 25.76%. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period in the prior year, the firm earned $0.97 earnings per share. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities research analysts expect that Open Text Corporation will post 3.72 earnings per share for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be issued a $0.28 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.12 annualized dividend and a dividend yield of 4.4%. This is an increase from Open Text’s previous quarterly dividend of $0.28. Open Text’s dividend payout ratio (DPR) is presently 43.41%.

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.