Pictet Asset Management Holding SA Buys 30,585 Shares of Open Text Co. (NASDAQ:OTEX)

Pictet Asset Management Holding SA lifted its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 24.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 155,945 shares of the software maker’s stock after purchasing an additional 30,585 shares during the quarter. Pictet Asset Management Holding SA owned 0.06% of Open Text worth $4,411,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of OTEX. IFP Advisors Inc lifted its position in Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after purchasing an additional 515 shares during the period. Blue Trust Inc. boosted its position in shares of Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after acquiring an additional 398 shares in the last quarter. Generali Asset Management SPA SGR bought a new position in Open Text in the fourth quarter valued at approximately $62,000. Allworth Financial LP raised its position in Open Text by 20.7% during the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after purchasing an additional 439 shares in the last quarter. Finally, Plato Investment Management Ltd bought a new stake in Open Text during the fourth quarter worth $138,000. Institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

NASDAQ:OTEX opened at $24.13 on Friday. 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 Co. has a fifty-two week low of $23.43 and a fifty-two week high of $37.86. The company has a 50 day simple moving average of $27.05 and a two-hundred day simple moving average of $29.28. The company has a market capitalization of $6.34 billion, a PE ratio of 9.81 and a beta of 1.17.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. Research analysts anticipate that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were paid a $0.2625 dividend. The ex-dividend date of this dividend was Friday, March 7th. This is an increase from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a dividend yield of 4.35%. Open Text’s dividend payout ratio (DPR) is currently 42.68%.

Wall Street Analyst Weigh In

OTEX has been the subject of a number of research analyst reports. StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Citigroup increased their target price on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Barclays lifted their price target on shares of Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Royal Bank of Canada dropped their price objective on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research note on Friday, February 7th. Finally, UBS Group began coverage on shares of Open Text in a research note on Tuesday, December 17th. They set a “neutral” rating and a $32.00 target price on the stock. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $35.18.

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.