Norges Bank Takes Position in Open Text Corporation $OTEX

Norges Bank purchased a new position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 3,276,237 shares of the software maker’s stock, valued at approximately $106,700,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. CIBC Private Wealth Group LLC purchased a new stake in shares of Open Text during the 3rd quarter valued at $33,000. WealthCollab LLC raised its position in shares of Open Text by 39.5% during the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after buying an additional 464 shares in the last quarter. Osaic Holdings Inc. raised its position in shares of Open Text by 108.8% during the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock valued at $52,000 after buying an additional 937 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Open Text by 39.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after buying an additional 570 shares in the last quarter. Finally, Global Retirement Partners LLC raised its position in shares of Open Text by 573.3% during the 4th quarter. Global Retirement Partners LLC now owns 1,919 shares of the software maker’s stock valued at $63,000 after buying an additional 1,634 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

NASDAQ OTEX opened at $23.65 on Friday. The company has a 50-day simple moving average of $22.92 and a two-hundred day simple moving average of $26.82. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.56. Open Text Corporation has a 12-month low of $20.00 and a 12-month high of $39.90. The firm has a market cap of $5.74 billion, a price-to-earnings ratio of 11.54 and a beta of 1.05.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.07. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period in the prior year, the business posted $0.82 earnings per share. The company’s revenue was up 2.2% on a year-over-year basis. On average, equities analysts forecast that Open Text Corporation will post 4.05 EPS for the current year.

Open Text Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 4.7%. The ex-dividend date is Friday, June 5th. Open Text’s dividend payout ratio is presently 53.66%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on OTEX. Citigroup lowered their price objective on shares of Open Text from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, May 8th. Barclays raised their price objective on Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Raymond James Financial decreased their price objective on Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a report on Friday, May 8th. Scotia decreased their price objective on Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a report on Friday, May 8th. Finally, Scotiabank decreased their price objective on Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Open Text presently has a consensus rating of “Hold” and a consensus price target of $33.67.

Open Text Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.