Open Text Corporation $OTEX Shares Purchased by Cidel Asset Management Inc.

Cidel Asset Management Inc. grew its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 4.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 973,317 shares of the software maker’s stock after purchasing an additional 41,867 shares during the quarter. Open Text makes up about 2.1% of Cidel Asset Management Inc.’s portfolio, making the stock its 17th biggest holding. Cidel Asset Management Inc. owned approximately 0.39% of Open Text worth $36,389,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Goldman Sachs Group Inc. grew its holdings 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 valued at $36,307,000 after purchasing an additional 619,527 shares during the period. United Services Automobile Association acquired a new stake in shares of Open Text during the 1st quarter worth approximately $213,000. Sequoia Financial Advisors LLC acquired a new position in Open Text in the second quarter valued at approximately $268,000. Allianz Asset Management GmbH lifted its stake in shares of Open Text by 254.2% in the 2nd quarter. Allianz Asset Management GmbH now owns 86,820 shares of the software maker’s stock valued at $2,532,000 after purchasing an additional 62,306 shares during the last quarter. Finally, Lorne Steinberg Wealth Management Inc. raised its holdings in Open Text by 12.7% in the 2nd quarter. Lorne Steinberg Wealth Management Inc. now owns 168,298 shares of the software maker’s stock valued at $4,921,000 after buying an additional 19,000 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Trading Up 3.6%

NASDAQ:OTEX opened at $24.59 on Friday. The stock’s 50 day moving average price is $30.23 and its 200 day moving average price is $33.26. Open Text Corporation has a 52-week low of $22.44 and a 52-week high of $39.90. The company has a market capitalization of $6.16 billion, a PE ratio of 14.46 and a beta of 1.08. 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 (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, February 5th. The software maker reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.09. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Open Text had a return on equity of 23.60% and a net margin of 8.42%.The firm’s revenue for the quarter was down .6% on a year-over-year basis. During the same period last year, the firm earned $1.11 EPS. On average, research analysts anticipate that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a yield of 4.5%. Open Text’s payout ratio is presently 64.71%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Open Text in a research note on Monday, December 29th. Barclays reduced their price target on shares of Open Text from $39.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Friday, February 6th. UBS Group set a $26.00 price objective on shares of Open Text in a report on Friday, February 6th. Citigroup reduced their target price on shares of Open Text from $36.00 to $26.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Finally, TD Securities upgraded shares of Open Text to a “hold” rating in a research note on Monday, February 2nd. Three investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, the stock currently 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.