Norges Bank Takes Position in Open Text Corporation $OTEX

Norges Bank bought a new stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,276,237 shares of the software maker’s stock, valued at approximately $106,700,000. Norges Bank owned 1.30% of Open Text as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CIBC Private Wealth Group LLC bought a new position in shares of Open Text during the 3rd quarter valued at approximately $33,000. WealthCollab LLC grew 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 acquiring an additional 464 shares during the period. Osaic Holdings Inc. grew 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 acquiring an additional 937 shares during the period. Global Retirement Partners LLC grew 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 acquiring an additional 1,634 shares during the period. Finally, Danske Bank A S bought a new position in Open Text in the 4th quarter worth approximately $64,000. 70.37% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. UBS Group set a $25.00 target price on shares of Open Text in a report on Friday, May 8th. Scotiabank reduced their price target on Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research report on Friday, May 8th. Wall Street Zen upgraded Open Text from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Raymond James Financial dropped 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. Finally, Scotia cut their target price on Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research note on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Open Text presently has a consensus rating of “Hold” and an average price target of $33.67.

Open Text Stock Down 0.2%

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

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, topping 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 firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the prior year, the firm posted $0.82 earnings per share. The business’s quarterly revenue was up 2.2% on a year-over-year basis. Analysts anticipate that Open Text Corporation will post 4.05 EPS for the current fiscal year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Investors 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 payout ratio is presently 53.66%.

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.