First Trust Advisors LP raised its holdings in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 40.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,078,952 shares of the software maker’s stock after buying an additional 594,966 shares during the quarter. First Trust Advisors LP owned about 0.78% of Open Text worth $74,156,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of OTEX. Wells Fargo & Company MN lifted its holdings in shares of Open Text by 15.6% during the second quarter. Wells Fargo & Company MN now owns 5,539 shares of the software maker’s stock worth $175,000 after buying an additional 749 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Open Text by 91.7% in the second quarter. Alliancebernstein L.P. now owns 20,367 shares of the software maker’s stock valued at $642,000 after purchasing an additional 9,741 shares in the last quarter. Nationwide Fund Advisors raised its stake in shares of Open Text by 1.7% in the second quarter. Nationwide Fund Advisors now owns 52,400 shares of the software maker’s stock valued at $1,653,000 after purchasing an additional 900 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Open Text by 2.9% in the second quarter. Vanguard Group Inc. now owns 5,605,006 shares of the software maker’s stock valued at $176,781,000 after purchasing an additional 158,869 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its stake in shares of Open Text by 1.1% in the second quarter. Parametric Portfolio Associates LLC now owns 130,969 shares of the software maker’s stock valued at $4,131,000 after purchasing an additional 1,376 shares in the last quarter. Institutional investors own 67.37% of the company’s stock.
A number of brokerages recently commented on OTEX. Zacks Investment Research upgraded Open Text from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research note on Wednesday, February 7th. Raymond James Financial upped their target price on Open Text from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Thursday, February 1st. National Bank Financial upped their target price on Open Text from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Thursday, February 1st. Royal Bank of Canada restated a “buy” rating and issued a $46.00 target price (up from $40.00) on shares of Open Text in a research note on Thursday, February 1st. Finally, Barclays upped their target price on Open Text from $44.00 to $46.00 and gave the company an “overweight” rating in a research note on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $44.18.
Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Wednesday, January 31st. The software maker reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.13. Open Text had a return on equity of 6.82% and a net margin of 7.20%. The firm had revenue of $734.40 million for the quarter, compared to analysts’ expectations of $688.59 million. During the same period in the prior year, the business posted $0.54 earnings per share. The business’s revenue was up 35.3% compared to the same quarter last year. equities research analysts anticipate that Open Text Corp will post 0.74 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 23rd. Shareholders of record on Friday, March 2nd will be given a $0.132 dividend. This represents a $0.53 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date is Thursday, March 1st. Open Text’s dividend payout ratio (DPR) is 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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