Legal & General Group Plc Increases Stock Holdings in Open Text Corporation $OTEX

Legal & General Group Plc lifted its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 1.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,239,803 shares of the software maker’s stock after purchasing an additional 29,001 shares during the quarter. Legal & General Group Plc’s holdings in Open Text were worth $73,040,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cidel Asset Management Inc. boosted its holdings in shares of Open Text by 4.5% in the 3rd quarter. Cidel Asset Management Inc. now owns 973,317 shares of the software maker’s stock worth $36,389,000 after purchasing an additional 41,867 shares during the period. Picton Mahoney Asset Management purchased a new position in shares of Open Text in the 3rd quarter worth approximately $11,668,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Open Text by 456.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,312,755 shares of the software maker’s stock worth $86,429,000 after purchasing an additional 1,896,755 shares during the period. Munich Reinsurance Co Stock Corp in Munich purchased a new position in shares of Open Text in the 3rd quarter worth approximately $10,052,000. Finally, Public Sector Pension Investment Board boosted its holdings in shares of Open Text by 257.3% in the 3rd quarter. Public Sector Pension Investment Board now owns 89,452 shares of the software maker’s stock worth $3,344,000 after purchasing an additional 64,416 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analysts Set New Price Targets

OTEX has been the subject of a number of recent research reports. Royal Bank Of Canada dropped their target price on Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a report on Friday, May 8th. Wall Street Zen upgraded Open Text from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Raymond James Financial decreased their price target on Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a research note on Friday, May 8th. Barclays raised their price target on Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Monday, May 11th. Finally, Scotiabank decreased their price target 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 research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, Open Text has a consensus rating of “Hold” and a consensus price target of $33.67.

Open Text Trading Up 2.3%

Shares of NASDAQ OTEX opened at $23.84 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.56. The business has a fifty day simple moving average of $22.78 and a two-hundred day simple moving average of $27.16. The firm has a market cap of $5.79 billion, a PE ratio of 11.63 and a beta of 1.04. Open Text Corporation has a twelve month low of $20.00 and a twelve month high of $39.90.

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

Open Text Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend 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.