JPMorgan Chase & Co. Boosts Holdings in Open Text Corp (OTEX)
JPMorgan Chase & Co. raised its position in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 276.9% during the 3rd quarter, Holdings Channel reports. The firm owned 390,422 shares of the software maker’s stock after acquiring an additional 286,835 shares during the quarter. JPMorgan Chase & Co.’s holdings in Open Text were worth $14,852,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the business. Bessemer Group Inc. raised its holdings in shares of Open Text by 206.4% during the 3rd quarter. Bessemer Group Inc. now owns 3,741 shares of the software maker’s stock valued at $142,000 after buying an additional 2,520 shares during the period. Dixon Hubard Feinour & Brown Inc. VA purchased a new stake in shares of Open Text during the 3rd quarter valued at about $261,000. Financial Gravity Wealth Inc. raised its holdings in shares of Open Text by 128.5% during the 3rd quarter. Financial Gravity Wealth Inc. now owns 6,150 shares of the software maker’s stock valued at $201,000 after buying an additional 3,458 shares during the period. CLARET ASSET MANAGEMENT Corp raised its holdings in shares of Open Text by 36.8% during the 3rd quarter. CLARET ASSET MANAGEMENT Corp now owns 9,475 shares of the software maker’s stock valued at $360,000 after buying an additional 2,551 shares during the period. Finally, NN Investment Partners Holdings N.V. raised its holdings in shares of Open Text by 0.9% during the 3rd quarter. NN Investment Partners Holdings N.V. now owns 428,035 shares of the software maker’s stock valued at $16,282,000 after buying an additional 3,867 shares during the period. 67.27% of the stock is currently owned by institutional investors.
Shares of NASDAQ OTEX opened at $33.43 on Friday. Open Text Corp has a fifty-two week low of $31.98 and a fifty-two week high of $40.31. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.70. The company has a market cap of $9.19 billion, a price-to-earnings ratio of 31.12 and a beta of 0.40.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Shareholders of record on Friday, November 30th will be paid a dividend of $0.1518 per share. The ex-dividend date is Thursday, November 29th. This represents a $0.61 dividend on an annualized basis and a yield of 1.82%. Open Text’s dividend payout ratio (DPR) is presently 67.03%.
OTEX has been the topic of several analyst reports. BidaskClub downgraded Open Text from a “hold” rating to a “sell” rating in a report on Tuesday, October 9th. Raymond James set a $48.00 target price on Open Text and gave the company an “outperform” rating in a report on Thursday, November 1st. BMO Capital Markets reiterated a “buy” rating and set a $40.00 target price on shares of Open Text in a report on Thursday, November 1st. Barclays reiterated a “buy” rating on shares of Open Text in a report on Thursday, November 1st. Finally, CIBC reiterated an “average” rating and set a $51.00 target price on shares of Open Text in a report on Monday, November 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company’s stock. Open Text currently has a consensus rating of “Buy” and a consensus price target of $45.30.
WARNING: This piece of content was reported by Watch List News and is the property of of Watch List News. If you are accessing this piece of content on another domain, it was copied illegally and reposted in violation of US and international copyright and trademark legislation. The original version of this piece of content can be viewed at https://www.watchlistnews.com/jpmorgan-chase-co-boosts-holdings-in-open-text-corp-otex/2667102.html.
Open Text Profile
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
Recommended Story: Investing in Growth Stocks
Want to see what other hedge funds are holding OTEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Open Text Corp (NASDAQ:OTEX) (TSE:OTC).
Receive News & Ratings for Open Text Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Open Text and related companies with MarketBeat.com's FREE daily email newsletter.