Ontario Teachers Pension Plan Board Invests $516,000 in Open Text Co. (NASDAQ:OTEX)

Ontario Teachers Pension Plan Board bought a new stake in shares of Open Text Co. (NASDAQ:OTEXFree Report) (TSE:OTC) during the 4th quarter, Holdings Channel.com reports. The institutional investor bought 12,280 shares of the software maker’s stock, valued at approximately $516,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Harris Associates L P increased its holdings in shares of Open Text by 1.6% in the third quarter. Harris Associates L P now owns 11,515,807 shares of the software maker’s stock worth $404,144,000 after purchasing an additional 177,600 shares during the last quarter. Vanguard Group Inc. grew its holdings in Open Text by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 10,086,008 shares of the software maker’s stock valued at $354,019,000 after buying an additional 154,240 shares in the last quarter. Beutel Goodman & Co Ltd. increased its stake in Open Text by 9.9% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 8,661,252 shares of the software maker’s stock worth $365,800,000 after acquiring an additional 782,885 shares during the last quarter. Cooke & Bieler LP raised its holdings 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 worth $200,345,000 after acquiring an additional 191,292 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Open Text during the 4th quarter worth approximately $139,600,000. 70.37% of the stock is currently owned by institutional investors.

Open Text Price Performance

Open Text stock opened at $30.07 on Monday. The stock has a market cap of $8.21 billion, a price-to-earnings ratio of 48.50 and a beta of 1.10. The firm has a 50-day moving average of $34.89 and a two-hundred day moving average of $38.40. Open Text Co. has a 1 year low of $28.19 and a 1 year high of $45.47. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.40 and a quick ratio of 1.40.

Open Text (NASDAQ:OTEXGet Free Report) (TSE:OTC) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.03. The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Open Text had a return on equity of 24.45% and a net margin of 2.85%. On average, research analysts forecast that Open Text Co. will post 3.79 earnings per share for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be issued a $0.435 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 annualized dividend and a dividend yield of 5.79%. The ex-dividend date of this dividend is Friday, May 31st. Open Text’s payout ratio is presently 161.29%.

Analysts Set New Price Targets

OTEX has been the topic of a number of recent research reports. National Bankshares decreased their price target on shares of Open Text from $60.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Citigroup decreased their target price on shares of Open Text from $42.00 to $37.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. TD Securities dropped their price target on Open Text from $54.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Scotiabank restated a “sector perform” rating on shares of Open Text in a research report on Friday, May 3rd. Finally, StockNews.com upgraded Open Text from a “hold” rating to a “buy” rating in a report on Saturday, May 11th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $42.25.

View Our Latest Analysis on Open Text

About Open Text

(Free Report)

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.

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Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

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