Cibc World Market Inc. Acquires Shares of 3,207,970 Open Text Corporation $OTEX

Cibc World Market Inc. acquired a new stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,207,970 shares of the software maker’s stock, valued at approximately $70,939,000. Cibc World Market Inc. owned approximately 1.32% of Open Text as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Tidal Investments LLC grew its holdings in Open Text by 2.6% during the 2nd quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock valued at $527,000 after buying an additional 460 shares in the last quarter. WealthCollab LLC raised its holdings 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 worth $48,000 after acquiring an additional 464 shares in the last quarter. Byrne Asset Management LLC boosted its position in shares of Open Text by 11.5% during the 2nd quarter. Byrne Asset Management LLC now owns 4,837 shares of the software maker’s stock valued at $107,000 after acquiring an additional 500 shares during the last quarter. Vident Advisory LLC boosted its position in shares of Open Text by 3.7% during the 4th quarter. Vident Advisory LLC now owns 15,715 shares of the software maker’s stock valued at $512,000 after acquiring an additional 555 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Open Text by 39.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after purchasing an additional 570 shares in the last quarter. 70.37% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. National Bank Financial decreased their price target on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. UBS Group lifted their price objective on shares of Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Scotiabank reduced their target price on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a report on Friday, August 7th. Citigroup upped their target price on shares of Open Text from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Finally, Wall Street Zen downgraded shares of Open Text from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Three investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $32.46.

Open Text Stock Performance

OTEX opened at $24.67 on Monday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.81 and a current ratio of 0.81. The stock’s 50 day moving average price is $23.31 and its 200-day moving average price is $23.34. Open Text Corporation has a one year low of $19.77 and a one year high of $39.90. The stock has a market cap of $5.97 billion, a price-to-earnings ratio of 9.56 and a beta of 1.03.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.21. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period last year, the company earned $0.97 EPS. Open Text’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities analysts forecast that Open Text Corporation will post 3.72 EPS for the current year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a $0.28 dividend. The ex-dividend date is Friday, September 4th. This is a positive change from Open Text’s previous quarterly dividend of $0.28. This represents a $1.12 dividend on an annualized basis and a yield of 4.5%. Open Text’s payout ratio is 42.64%.

About Open Text

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.