Open Text Corporation $OTEX is Letko Brosseau & Associates Inc.’s 9th Largest Position

Letko Brosseau & Associates Inc. lifted its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 16.2% in the second quarter, HoldingsChannel reports. The firm owned 5,649,818 shares of the software maker’s stock after buying an additional 789,013 shares during the quarter. Open Text makes up approximately 3.2% of Letko Brosseau & Associates Inc.’s holdings, making the stock its 9th biggest holding. Letko Brosseau & Associates Inc.’s holdings in Open Text were worth $164,754,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Plato Investment Management Ltd boosted its holdings in Open Text by 926.0% in the first quarter. Plato Investment Management Ltd now owns 49,999 shares of the software maker’s stock valued at $1,276,000 after acquiring an additional 45,126 shares during the last quarter. Korea Investment CORP lifted its stake in shares of Open Text by 107.7% in the 1st quarter. Korea Investment CORP now owns 188,444 shares of the software maker’s stock valued at $4,755,000 after purchasing an additional 97,700 shares in the last quarter. Value Partners Investments Inc. grew its holdings in shares of Open Text by 9.8% during the 2nd quarter. Value Partners Investments Inc. now owns 2,561,601 shares of the software maker’s stock worth $74,709,000 after purchasing an additional 228,062 shares during the period. Cerity Partners LLC grew its holdings in shares of Open Text by 42.4% during the 1st quarter. Cerity Partners LLC now owns 47,391 shares of the software maker’s stock worth $1,197,000 after purchasing an additional 14,109 shares during the period. Finally, Atria Investments Inc purchased a new position in Open Text in the second quarter valued at approximately $302,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on OTEX. Scotiabank raised shares of Open Text from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $35.00 to $50.00 in a research report on Wednesday, September 24th. TD Cowen reiterated a “hold” rating and issued a $40.00 target price on shares of Open Text in a research note on Friday, October 3rd. Jefferies Financial Group boosted their price target on Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a research report on Thursday, November 6th. Barclays lifted their price objective on shares of Open Text from $33.00 to $39.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 21st. Finally, National Bankshares set a $45.00 target price on shares of Open Text and gave the company an “outperform” rating in a research note on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $39.42.

Open Text Stock Performance

Shares of OTEX stock opened at $33.68 on Friday. The company has a market cap of $8.49 billion, a P/E ratio of 20.41 and a beta of 1.14. The business has a 50 day moving average of $37.38 and a two-hundred day moving average of $32.13. Open Text Corporation has a 52 week low of $22.79 and a 52 week high of $39.90. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Wednesday, November 5th. The software maker reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.05. The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. Open Text had a net margin of 8.43% and a return on equity of 22.52%. Open Text’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period last year, the firm posted $0.93 EPS. As a group, analysts anticipate that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.3%. The ex-dividend date is Friday, December 5th. Open Text’s dividend payout ratio (DPR) is currently 57.59%.

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.