Zurcher Kantonalbank Zurich Cantonalbank Buys 15,244 Shares of Open Text Co. (NASDAQ:OTEX)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 30.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,690 shares of the software maker’s stock after purchasing an additional 15,244 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Open Text were worth $2,156,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Assenagon Asset Management S.A. lifted its stake in shares of Open Text by 1.7% in the third quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker’s stock worth $629,000 after buying an additional 322 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Open Text by 3.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock valued at $369,000 after acquiring an additional 351 shares in the last quarter. Cromwell Holdings LLC boosted its stake in Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after purchasing an additional 380 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after purchasing an additional 793 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its stake in shares of Open Text by 5.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker’s stock worth $524,000 after purchasing an additional 874 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Price Performance

NASDAQ OTEX opened at $30.68 on Wednesday. The business’s fifty day moving average is $31.58 and its 200 day moving average is $31.01. Open Text Co. has a fifty-two week low of $27.50 and a fifty-two week high of $45.47. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market capitalization of $8.16 billion, a PE ratio of 17.73 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The business’s quarterly revenue was down 11.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 EPS. Sell-side analysts predict that Open Text Co. will post 3.37 earnings per share for the current year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be issued a $0.262 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.05 annualized dividend and a yield of 3.42%. This is an increase from Open Text’s previous quarterly dividend of $0.19. Open Text’s dividend payout ratio is currently 60.69%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Royal Bank of Canada cut Open Text from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $45.00 to $33.00 in a research report on Friday, November 1st. TD Securities reduced their price target on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Barclays dropped their target price on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Scotiabank cut their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday, November 1st. Finally, BMO Capital Markets lowered their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a report on Friday, November 1st. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $35.90.

Open Text Company Profile

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.