Cibc World Market Inc. Acquires Shares of 3,207,970 Open Text Corporation $OTEX

Cibc World Market Inc. bought a new position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the second quarter, Holdings Channel.com reports. The fund bought 3,207,970 shares of the software maker’s stock, valued at approximately $70,939,000.

A number of other institutional investors have also modified their holdings of OTEX. CIBC Private Wealth Group LLC bought a new stake in shares of Open Text during the third quarter valued at approximately $33,000. Global Retirement Partners LLC purchased a new stake in shares of Open Text in the second quarter valued at approximately $34,000. WealthCollab LLC grew its stake in Open Text by 39.5% in 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 in the last quarter. Caitong International Asset Management Co. Ltd grew its stake in Open Text by 5,096.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock worth $52,000 after purchasing an additional 1,580 shares in the last quarter. Finally, Osaic Holdings Inc. increased its holdings in Open Text by 108.8% during the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after purchasing an additional 937 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on OTEX. Raymond James Financial lowered Open Text from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $35.00 to $29.50 in a research report on Thursday, August 6th. Wall Street Zen downgraded Open Text from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. UBS Group raised their price target on Open Text from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Scotiabank lowered their price objective on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a research note on Friday, August 7th. Finally, Citigroup increased their target price on shares of Open Text from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Three analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $32.46.

Open Text Stock Performance

Shares of NASDAQ:OTEX opened at $24.67 on Monday. The company has a market capitalization of $5.97 billion, a price-to-earnings ratio of 9.56 and a beta of 1.03. Open Text Corporation has a 52 week low of $19.77 and a 52 week high of $39.90. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.43. The firm has a 50 day moving average of $23.31 and a 200 day moving average of $23.34.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results 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. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.29 billion. Open Text had a return on equity of 25.76% and a net margin of 12.26%.Open Text’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.97 earnings per share. On average, sell-side analysts predict that Open Text Corporation will post 3.72 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Open Text’s previous quarterly dividend of $0.28. Open Text’s dividend payout ratio is presently 42.64%.

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.