Public Sector Pension Investment Board Boosts Holdings in Open Text Corporation $OTEX

Public Sector Pension Investment Board grew its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 257.3% in the third quarter, HoldingsChannel reports. The fund owned 89,452 shares of the software maker’s stock after buying an additional 64,416 shares during the quarter. Public Sector Pension Investment Board’s holdings in Open Text were worth $3,344,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of OTEX. Sagard Holdings Management Inc. purchased a new stake in Open Text in the second quarter valued at approximately $30,000. MAI Capital Management boosted its holdings in shares of Open Text by 58.7% in the 2nd quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock valued at $47,000 after purchasing an additional 590 shares during the last quarter. WealthCollab LLC grew its stake 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 during the period. Osaic Holdings Inc. increased its holdings 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 worth $52,000 after buying an additional 937 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings 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 worth $59,000 after buying an additional 570 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Stock Performance

Open Text stock opened at $24.76 on Friday. The firm has a market capitalization of $6.20 billion, a PE ratio of 14.56 and a beta of 1.08. Open Text Corporation has a one year low of $22.44 and a one year high of $39.90. The stock’s 50 day moving average price is $29.35 and its 200 day moving average price is $33.08. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.94 and a current ratio of 0.94.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, February 5th. The software maker reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.09. Open Text had a net margin of 8.42% and a return on equity of 23.60%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter last year, the company earned $1.11 earnings per share. Open Text’s revenue for the quarter was down .6% on a year-over-year basis. As a group, sell-side analysts expect that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.10 annualized dividend and a yield of 4.4%. Open Text’s payout ratio is 64.71%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on OTEX. Zacks Research cut Open Text from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Citigroup reduced their price objective on Open Text from $36.00 to $26.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. Raymond James Financial dropped their target price on shares of Open Text from $48.00 to $42.00 and set an “outperform” rating for the company in a research report on Friday, February 6th. TD Securities upgraded shares of Open Text to a “hold” rating in a report on Monday, February 2nd. Finally, Jefferies Financial Group boosted their price objective on shares of Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a research note on Thursday, November 6th. Three analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $35.75.

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.