Zurcher Kantonalbank Zurich Cantonalbank Purchases 947 Shares of Open Text Co. (NASDAQ:OTEX)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 1.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 65,637 shares of the software maker’s stock after acquiring an additional 947 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Open Text were worth $1,857,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Amundi grew its stake in shares of Open Text by 15.3% in the fourth quarter. Amundi now owns 526,409 shares of the software maker’s stock valued at $14,671,000 after buying an additional 69,686 shares in the last quarter. Scheer Rowlett & Associates Investment Management Ltd. grew its stake in shares of Open Text by 34.1% in the fourth quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 264,108 shares of the software maker’s stock valued at $7,465,000 after buying an additional 67,209 shares in the last quarter. Andra AP fonden lifted its holdings in Open Text by 386.5% during the 4th quarter. Andra AP fonden now owns 267,600 shares of the software maker’s stock valued at $7,578,000 after purchasing an additional 212,600 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Open Text during the 4th quarter valued at $3,572,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Open Text by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 677,709 shares of the software maker’s stock valued at $19,170,000 after purchasing an additional 5,177 shares during the last quarter. 70.37% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. UBS Group assumed coverage on Open Text in a report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price target for the company. Barclays raised their price target on Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Citigroup raised their price target on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, February 7th. StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Finally, TD Securities cut their price target on Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a report on Sunday, February 9th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Open Text currently has a consensus rating of “Hold” and a consensus price target of $35.18.

Open Text Stock Down 0.2 %

OTEX stock opened at $26.01 on Tuesday. The company has a market cap of $6.87 billion, a PE ratio of 10.57 and a beta of 1.17. The business has a 50-day simple moving average of $27.63 and a 200 day simple moving average of $29.83. Open Text Co. has a 52 week low of $24.86 and a 52 week high of $40.55. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. Sell-side analysts anticipate that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be paid a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date is Friday, March 7th. This is an increase from Open Text’s previous quarterly dividend of $0.26. Open Text’s payout ratio is 42.68%.

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.