Plato Investment Management Ltd Acquires New Shares in Open Text Corporation $OTEX

Plato Investment Management Ltd bought a new stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 53,525 shares of the software maker’s stock, valued at approximately $1,177,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Open Text in the fourth quarter valued at approximately $106,700,000. First Trust Advisors LP boosted its position in Open Text by 27.3% during the 4th quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker’s stock worth $374,394,000 after buying an additional 2,466,264 shares during the period. Morgan Stanley grew its holdings in Open Text by 76.8% during the 4th quarter. Morgan Stanley now owns 2,884,381 shares of the software maker’s stock worth $93,973,000 after acquiring an additional 1,253,405 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Open Text by 11.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 10,734,420 shares of the software maker’s stock valued at $349,978,000 after acquiring an additional 1,122,320 shares during the period. Finally, Royal Bank of Canada raised its stake in shares of 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 valued at $218,920,000 after acquiring an additional 965,385 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Barclays increased their price objective on Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. UBS Group upped their price target on Open Text from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Scotiabank decreased their price target on 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. Royal Bank Of Canada lowered their price objective on Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a research report on Friday, May 8th. Finally, Wall Street Zen cut Open Text from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Three equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $32.46.

Open Text Stock Performance

OTEX stock opened at $23.93 on Tuesday. The stock 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. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.43. The firm has a market cap of $5.79 billion, a PE ratio of 9.28 and a beta of 1.03.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, August 6th. The software maker reported $1.23 EPS for the quarter, beating 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 company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the prior year, the company earned $0.97 EPS. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, equities research analysts expect that Open Text Corporation will post 4.32 earnings per share for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders 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 annualized dividend and a dividend yield of 4.7%. Open Text’s payout ratio is 42.64%.

About Open Text

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.