JPMorgan Chase & Co. Acquires 37,010 Shares of Open Text Corporation $OTEX

JPMorgan Chase & Co. raised its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 3.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,146,067 shares of the software maker’s stock after acquiring an additional 37,010 shares during the period. JPMorgan Chase & Co.’s holdings in Open Text were worth $42,840,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Goldman Sachs Group Inc. grew its stake in shares of Open Text by 75.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker’s stock worth $36,307,000 after acquiring an additional 619,527 shares during the last quarter. United Services Automobile Association bought a new stake in Open Text in the 1st quarter valued at $213,000. Oppenheimer Asset Management Inc. grew its position in Open Text by 2.9% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 13,174 shares of the software maker’s stock worth $385,000 after purchasing an additional 370 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Open Text by 7.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 98,200 shares of the software maker’s stock worth $2,867,000 after purchasing an additional 6,842 shares during the period. Finally, Bessemer Group Inc. lifted its stake in shares of Open Text by 4.3% in the second quarter. Bessemer Group Inc. now owns 57,007 shares of the software maker’s stock valued at $1,663,000 after buying an additional 2,332 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Price Performance

Shares of Open Text stock opened at $25.05 on Friday. The stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of 14.74 and a beta of 1.08. The firm’s 50-day moving average price is $28.63 and its two-hundred day moving average price is $32.94. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.57. Open Text Corporation has a 1-year low of $22.44 and a 1-year high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, February 5th. The software maker reported $1.13 EPS for the quarter, topping the consensus estimate of $1.04 by $0.09. Open Text had a return on equity of 23.60% and a net margin of 8.42%.The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the business earned $1.11 EPS. Open Text’s revenue was down .6% compared to the same quarter last year. On average, equities analysts predict that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be paid a $0.275 dividend. The ex-dividend date is Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.4%. Open Text’s dividend payout ratio (DPR) is 64.71%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Citigroup cut their target price on Open Text from $36.00 to $26.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. Barclays dropped their price objective on shares of Open Text from $39.00 to $30.00 and set an “equal weight” rating for the company in a research note on Friday, February 6th. UBS Group set a $26.00 target price on shares of Open Text in a research report on Friday, February 6th. Royal Bank Of Canada lowered their target price on shares of Open Text from $33.00 to $30.00 and set a “sector perform” rating on the stock in a research note on Friday, February 6th. Finally, Canadian Imperial Bank of Commerce cut their price target on shares of Open Text from $40.00 to $37.00 and set a “neutral” rating for the company in a research note on Friday, January 16th. Three research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $35.75.

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.