Swiss National Bank Sells 39,000 Shares of Open Text Co. (NASDAQ:OTEX)

Swiss National Bank reduced its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 4.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 770,900 shares of the software maker’s stock after selling 39,000 shares during the period. Swiss National Bank’s holdings in Open Text were worth $21,806,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. purchased a new position in Open Text during the 3rd quarter valued at about $332,000. Natixis Advisors LLC purchased a new position in Open Text during the third quarter valued at approximately $1,467,000. Ontario Teachers Pension Plan Board grew its stake in Open Text by 105.8% during the third quarter. Ontario Teachers Pension Plan Board now owns 39,885 shares of the software maker’s stock valued at $1,328,000 after acquiring an additional 20,503 shares in the last quarter. Scheer Rowlett & Associates Investment Management Ltd. lifted its stake in Open Text by 1.2% in the 3rd quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 196,899 shares of the software maker’s stock worth $6,554,000 after purchasing an additional 2,240 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Open Text by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 672,532 shares of the software maker’s stock worth $22,411,000 after purchasing an additional 11,965 shares in the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Open Text Price Performance

NASDAQ OTEX opened at $26.01 on Tuesday. The stock has a 50-day moving average of $27.63 and a 200 day moving average of $29.83. Open Text Co. has a one year low of $24.86 and a one year high of $40.55. The company has a market capitalization of $6.87 billion, a price-to-earnings ratio of 10.57 and a beta of 1.17. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (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%. On average, sell-side analysts forecast that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

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

Analyst Upgrades and Downgrades

OTEX has been the topic of several research analyst reports. Citigroup increased their price objective on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Royal Bank of Canada dropped their price target on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th. TD Securities decreased their price objective on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Sunday, February 9th. UBS Group began coverage on shares of Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price target for the company. Finally, StockNews.com cut shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $35.18.

Open Text 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.