Axa lifted its stake in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 1.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 231,871 shares of the software maker’s stock after acquiring an additional 3,071 shares during the quarter. Axa owned approximately 0.09% of Open Text worth $8,270,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of OTEX. Envestnet Asset Management Inc. boosted its holdings in Open Text by 36.7% in the third quarter. Envestnet Asset Management Inc. now owns 41,207 shares of the software maker’s stock worth $1,330,000 after purchasing an additional 11,054 shares in the last quarter. Ninepoint Partners LP bought a new stake in Open Text in the third quarter worth $646,000. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in Open Text by 22.0% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 72,873 shares of the software maker’s stock worth $2,353,000 after purchasing an additional 13,155 shares in the last quarter. Burney Co. boosted its holdings in Open Text by 4.2% in the fourth quarter. Burney Co. now owns 204,397 shares of the software maker’s stock worth $7,290,000 after purchasing an additional 8,181 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its holdings in Open Text by 14.1% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 57,900 shares of the software maker’s stock worth $1,870,000 after purchasing an additional 7,137 shares in the last quarter. 73.02% of the stock is currently owned by institutional investors and hedge funds.
OTEX has been the subject of a number of recent research reports. Macquarie decreased their price objective on shares of Open Text from $43.00 to $40.00 in a report on Thursday, November 23rd. Zacks Investment Research upgraded shares of Open Text from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a report on Wednesday, February 7th. Royal Bank of Canada restated a “buy” rating and set a $46.00 price target (up from $40.00) on shares of Open Text in a report on Thursday, February 1st. BMO Capital Markets restated a “buy” rating and set a $42.00 price target on shares of Open Text in a report on Thursday, February 1st. Finally, BidaskClub upgraded shares of Open Text from a “sell” rating to a “hold” rating in a report on Friday, December 29th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Open Text has an average rating of “Buy” and an average target price of $44.18.
Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Wednesday, January 31st. The software maker reported $0.76 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.13. The business had revenue of $734.40 million during the quarter, compared to analyst estimates of $688.59 million. Open Text had a net margin of 7.20% and a return on equity of 6.82%. The firm’s revenue for the quarter was up 35.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 earnings per share. equities research analysts predict that Open Text Corp will post 0.74 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 23rd. Stockholders of record on Friday, March 2nd will be given a dividend of $0.132 per share. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date is Thursday, March 1st. Open Text’s dividend payout ratio is currently 74.65%.
Open Text Company Profile
Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.
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