Swiss National Bank Sells 25,200 Shares of Open Text Co. (NASDAQ:OTEX)

Swiss National Bank lowered its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 2.8% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 881,800 shares of the software maker’s stock after selling 25,200 shares during the period. Swiss National Bank’s holdings in Open Text were worth $37,129,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in OTEX. Forsta AP Fonden raised its holdings in shares of Open Text by 10.4% during the third quarter. Forsta AP Fonden now owns 74,400 shares of the software maker’s stock worth $2,623,000 after acquiring an additional 7,000 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Open Text by 13.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 323,885 shares of the software maker’s stock worth $11,420,000 after acquiring an additional 38,366 shares in the last quarter. Inspire Investing LLC raised its holdings in shares of Open Text by 23.4% in the third quarter. Inspire Investing LLC now owns 17,568 shares of the software maker’s stock valued at $617,000 after purchasing an additional 3,328 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Open Text by 5.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 118,617 shares of the software maker’s stock worth $4,164,000 after purchasing an additional 6,412 shares in the last quarter. Finally, CIBC Asset Management Inc grew its holdings in shares of Open Text by 0.6% in the 3rd quarter. CIBC Asset Management Inc now owns 814,407 shares of the software maker’s stock valued at $28,671,000 after acquiring an additional 5,037 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. CIBC decreased their price target on Open Text from $44.00 to $38.50 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Scotiabank reissued a “sector perform” rating on shares of Open Text in a research report on Friday, May 3rd. BMO Capital Markets cut shares of Open Text from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $50.00 to $38.00 in a report on Friday, May 3rd. Raymond James dropped their price objective on Open Text from $55.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $53.00 price objective on shares of Open Text in a report on Friday, February 2nd. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Open Text has a consensus rating of “Hold” and a consensus price target of $42.25.

Open Text Stock Performance

Shares of NASDAQ:OTEX opened at $30.25 on Wednesday. The company’s 50 day simple moving average is $36.97 and its 200 day simple moving average is $38.72. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.40 and a quick ratio of 1.40. Open Text Co. has a 1 year low of $28.19 and a 1 year high of $45.47. The stock has a market capitalization of $8.25 billion, a price-to-earnings ratio of 48.79 and a beta of 1.11.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be given a dividend of $0.435 per share. This is an increase from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 annualized dividend and a dividend yield of 5.75%. The ex-dividend date is Friday, May 31st. Open Text’s dividend payout ratio is currently 161.29%.

About Open Text

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.