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

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 30.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 64,690 shares of the software maker’s stock after purchasing an additional 15,244 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Open Text were worth $2,156,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Open Text by 3.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 29,585 shares of the software maker’s stock worth $1,149,000 after acquiring an additional 1,056 shares in the last quarter. M&G Plc bought a new position in Open Text during the second quarter valued at $404,000. NorthCrest Asset Manangement LLC grew its stake in shares of Open Text by 3.1% in the 2nd quarter. NorthCrest Asset Manangement LLC now owns 95,604 shares of the software maker’s stock worth $2,872,000 after buying an additional 2,834 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Open Text by 11.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 18,550 shares of the software maker’s stock worth $557,000 after buying an additional 1,926 shares during the last quarter. Finally, Easterly Investment Partners LLC raised its position in shares of Open Text by 44.5% during the 2nd quarter. Easterly Investment Partners LLC now owns 482,959 shares of the software maker’s stock valued at $14,508,000 after buying an additional 148,738 shares in the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on OTEX shares. TD Securities dropped their price target on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Friday, November 1st. BMO Capital Markets cut their target price on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research report on Friday, November 1st. Barclays lowered their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. Citigroup reduced their target price on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. Finally, Royal Bank of Canada cut shares of Open Text from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $45.00 to $33.00 in a research note on Friday, November 1st. Eight equities 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, Open Text has a consensus rating of “Hold” and a consensus target price of $35.90.

Open Text Stock Performance

Shares of NASDAQ:OTEX opened at $30.68 on Wednesday. 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 firm has a market cap of $8.16 billion, a PE ratio of 17.73 and a beta of 1.11. The firm’s 50 day simple moving average is $31.58 and its 200-day simple moving average is $31.01. Open Text Co. has a one year low of $27.50 and a one year high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The business’s revenue was down 11.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.90 EPS. As a group, equities analysts predict that Open Text Co. will post 3.37 EPS for the current year.

Open Text Increases Dividend

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

About Open Text

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.