Swiss National Bank Decreases Stake in Open Text Co. (NASDAQ:OTEX)

Swiss National Bank trimmed its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 2.8% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 881,800 shares of the software maker’s stock after selling 25,200 shares during the quarter. Swiss National Bank owned about 0.32% of Open Text worth $37,129,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of OTEX. Caisse DE Depot ET Placement DU Quebec purchased a new stake in Open Text in the third quarter worth approximately $49,856,000. Legal & General Group Plc boosted its stake in shares of Open Text by 48.4% in the 3rd quarter. Legal & General Group Plc now owns 1,606,093 shares of the software maker’s stock worth $56,627,000 after buying an additional 524,009 shares during the last quarter. Value Partners Investments Inc. grew its holdings in shares of Open Text by 16.3% in the fourth quarter. Value Partners Investments Inc. now owns 2,046,243 shares of the software maker’s stock worth $85,983,000 after acquiring an additional 286,766 shares during the period. Intact Investment Management Inc. boosted its position in Open Text by 22.4% in the third quarter. Intact Investment Management Inc. now owns 1,314,880 shares of the software maker’s stock worth $46,146,000 after purchasing an additional 240,550 shares during the last quarter. Finally, Cooke & Bieler LP increased its position in shares of Open Text by 4.2% during the 4th quarter. Cooke & Bieler LP now owns 4,767,848 shares of the software maker’s stock valued at $200,345,000 after purchasing an additional 191,292 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Open Text Stock Up 0.1 %

NASDAQ OTEX opened at $30.25 on Wednesday. The stock has a 50 day moving average price of $36.97 and a 200-day moving average price of $38.72. Open Text Co. has a one year low of $28.19 and a one year high of $45.47. The company has a market capitalization of $8.25 billion, a P/E ratio of 48.79 and a beta of 1.11. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st will be issued a $0.435 dividend. The ex-dividend date of this dividend is Friday, May 31st. This is an increase from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.75%. Open Text’s payout ratio is 161.29%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on OTEX shares. Jefferies Financial Group cut their target price on shares of Open Text from $45.00 to $42.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Scotiabank reissued a “sector perform” rating on shares of Open Text in a report on Friday, May 3rd. CIBC lowered their price objective on Open Text from $44.00 to $38.50 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Barclays lowered their price target on shares of Open Text from $44.00 to $38.00 and set an “equal weight” rating on the stock in a report on Friday, May 3rd. Finally, Raymond James reduced their price objective on shares of Open Text from $55.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Open Text currently has an average rating of “Hold” and a consensus target price of $42.25.

About Open Text

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.