Public Employees Retirement System of Ohio Buys Shares of 728,374 Open Text Corporation $OTEX

Public Employees Retirement System of Ohio purchased a new position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 728,374 shares of the software maker’s stock, valued at approximately $16,130,000.

Several other institutional investors and hedge funds have also made changes to their positions in OTEX. Tidal Investments LLC increased its stake in shares of Open Text by 2.6% during the second quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock valued at $527,000 after acquiring an additional 460 shares during the period. WealthCollab LLC lifted its position in Open Text by 39.5% in the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after purchasing an additional 464 shares during the period. Byrne Asset Management LLC boosted its stake in 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 purchasing an additional 500 shares in the last quarter. Vident Advisory LLC boosted its stake in 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 purchasing an additional 555 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position 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 valued at $59,000 after purchasing an additional 570 shares during the period. 70.37% of the stock is currently owned by institutional investors.

Open Text Price Performance

Shares of Open Text stock opened at $25.10 on Monday. Open Text Corporation has a 12-month low of $19.77 and a 12-month high of $39.90. The firm has a market capitalization of $6.08 billion, a PE ratio of 9.73 and a beta of 1.03. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.43. The stock’s fifty day moving average is $23.65 and its 200-day moving average is $23.36.

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

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued 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 annualized dividend and a dividend yield of 4.5%. Open Text’s dividend payout ratio is 43.41%.

Wall Street Analysts Forecast Growth

OTEX has been the subject of several research analyst reports. Royal Bank Of Canada cut their price objective 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. Raymond James Financial cut shares of Open Text from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $35.00 to $29.50 in a research report on Thursday, August 6th. Weiss Ratings reissued a “hold (c-)” rating on shares of Open Text in a report on Wednesday, June 24th. Zacks Research lowered shares of Open Text from a “hold” rating to a “strong sell” rating in a research report on Friday, August 21st. Finally, Barclays boosted their target price on shares of Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th. Three investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Open Text has a consensus rating of “Hold” and an average target price of $32.46.

Open Text Company 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.