Open Text Corporation $OTEX Holdings Boosted by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 3.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,146,067 shares of the software maker’s stock after purchasing an additional 37,010 shares during the quarter. JPMorgan Chase & Co. owned 0.46% of Open Text worth $42,840,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Cidel Asset Management Inc. boosted its position in Open Text by 4.5% during the 3rd quarter. Cidel Asset Management Inc. now owns 973,317 shares of the software maker’s stock worth $36,389,000 after acquiring an additional 41,867 shares during the period. Picton Mahoney Asset Management purchased a new stake in shares of Open Text in the third quarter worth approximately $11,668,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Open Text by 456.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,312,755 shares of the software maker’s stock worth $86,429,000 after purchasing an additional 1,896,755 shares in the last quarter. Arkadios Wealth Advisors boosted its holdings in shares of Open Text by 596.6% during the third quarter. Arkadios Wealth Advisors now owns 83,192 shares of the software maker’s stock worth $3,110,000 after purchasing an additional 71,249 shares during the period. Finally, Munich Reinsurance Co Stock Corp in Munich purchased a new position in Open Text during the third quarter valued at approximately $10,052,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

Shares of OTEX opened at $22.57 on Friday. The firm has a market cap of $5.54 billion, a price-to-earnings ratio of 13.28 and a beta of 1.08. The company’s fifty day moving average is $25.81 and its 200-day moving average is $32.07. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.57. Open Text Corporation has a 12 month low of $21.91 and a 12 month high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released 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. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.29 billion. Open Text had a net margin of 8.42% and a return on equity of 23.60%. Open Text’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.11 EPS. Equities analysts expect that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were given a $0.275 dividend. The ex-dividend date of this dividend was Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.9%. Open Text’s payout ratio is currently 64.71%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Barclays cut their target price on shares of Open Text from $39.00 to $30.00 and set an “equal weight” rating for the company in a research report on Friday, February 6th. Canadian Imperial Bank of Commerce dropped their price target on shares of Open Text from $40.00 to $37.00 and set a “neutral” rating on the stock in a research note on Friday, January 16th. Raymond James Financial cut their price objective on Open Text from $48.00 to $42.00 and set an “outperform” rating for the company in a report on Friday, February 6th. Zacks Research cut Open Text from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Finally, Citigroup lowered their target price 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. Three investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, Open Text currently has an average 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.