Oppenheimer Asset Management Inc. Purchases New Holdings in Open Text Corporation $OTEX

Oppenheimer Asset Management Inc. purchased a new position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the second quarter, HoldingsChannel reports. The fund purchased 21,246 shares of the software maker’s stock, valued at approximately $471,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Royal Bank of Canada grew its position in shares of Open Text by 10.9% in the 1st quarter. Royal Bank of Canada now owns 9,843,494 shares of the software maker’s stock worth $218,920,000 after acquiring an additional 965,385 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Open Text by 99.1% in the 1st quarter. Bank of America Corp DE now owns 1,349,545 shares of the software maker’s stock valued at $30,014,000 after acquiring an additional 671,572 shares during the last quarter. Brandes Investment Partners LP raised its position in shares of Open Text by 1.2% during the 4th quarter. Brandes Investment Partners LP now owns 9,106,157 shares of the software maker’s stock valued at $296,679,000 after acquiring an additional 106,766 shares in the last quarter. Sei Investments Co. lifted its stake in Open Text by 47.3% during the first quarter. Sei Investments Co. now owns 255,601 shares of the software maker’s stock worth $5,684,000 after purchasing an additional 82,049 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its stake in Open Text by 109.8% during the first quarter. Quantinno Capital Management LP now owns 109,717 shares of the software maker’s stock worth $2,440,000 after purchasing an additional 57,432 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Price Performance

Shares of OTEX opened at $23.93 on Tuesday. The company has a market cap of $5.79 billion, a P/E ratio of 9.28 and a beta of 1.03. The stock has a fifty day moving average price of $23.11 and a 200 day moving average price of $23.38. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.81 and a quick ratio of 0.81. Open Text Corporation has a 12 month low of $19.77 and a 12 month high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.21. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period last year, the company earned $0.97 earnings per share. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, research analysts forecast that Open Text Corporation will post 4.32 earnings per share for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a $0.28 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.12 annualized dividend and a yield of 4.7%. This is a boost from Open Text’s previous quarterly dividend of $0.28. Open Text’s payout ratio is 42.64%.

Analysts Set New Price Targets

OTEX has been the subject of several recent research reports. Scotia lowered their target price on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a research note on Friday, August 7th. UBS Group raised their price target on shares of Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Royal Bank Of Canada decreased their price target on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a report on Friday, May 8th. Barclays boosted their price objective on shares of Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. Finally, Citigroup increased their price objective on shares of Open Text from $25.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Three analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $32.46.

Open Text Company 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.