Oppenheimer Asset Management Inc. Takes Position in Open Text Corporation $OTEX

Oppenheimer Asset Management Inc. purchased a new position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 21,246 shares of the software maker’s stock, valued at approximately $471,000.

Several other institutional investors have also recently made changes to their positions in OTEX. Royal Bank of Canada increased its stake in Open Text by 10.9% during the first quarter. Royal Bank of Canada now owns 9,843,494 shares of the software maker’s stock worth $218,920,000 after acquiring an additional 965,385 shares during the last quarter. Bank of America Corp DE raised its position in Open Text by 99.1% in the first quarter. Bank of America Corp DE now owns 1,349,545 shares of the software maker’s stock valued at $30,014,000 after purchasing an additional 671,572 shares during the period. Brandes Investment Partners LP lifted its stake in shares of Open Text by 1.2% in the 4th quarter. Brandes Investment Partners LP now owns 9,106,157 shares of the software maker’s stock valued at $296,679,000 after purchasing an additional 106,766 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Open Text by 47.3% during the 1st quarter. Sei Investments Co. now owns 255,601 shares of the software maker’s stock worth $5,684,000 after purchasing an additional 82,049 shares during the period. Finally, Quantinno Capital Management LP grew its holdings in shares of Open Text by 109.8% during the 1st quarter. Quantinno Capital Management LP now owns 109,717 shares of the software maker’s stock worth $2,440,000 after purchasing an additional 57,432 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Price Performance

Open Text stock opened at $23.93 on Tuesday. The company has a market cap of $5.79 billion, a price-to-earnings ratio of 9.28 and a beta of 1.03. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a 50 day moving average price of $23.11 and a 200 day moving average price of $23.38. Open Text Corporation has a 1 year low of $19.77 and a 1 year high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.21. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period last year, the company posted $0.97 EPS. The business’s quarterly revenue was up 2.9% on a year-over-year basis. Sell-side analysts predict that Open Text Corporation will post 4.32 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a dividend of $0.28 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.12 dividend on an annualized basis and a yield of 4.7%. Open Text’s dividend payout ratio is currently 42.64%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on OTEX shares. National Bank Financial dropped their price target on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Citigroup lifted their price target on Open Text from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. UBS Group raised their target price on shares of Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Raymond James Financial cut shares of Open Text from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $35.00 to $29.50 in a research note on Thursday, August 6th. Finally, Scotia lowered their price target on Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a report on Friday, August 7th. Three research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, Open Text has an average rating of “Hold” and an average target price of $32.46.

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.