Geode Capital Management LLC Purchases 143,996 Shares of Open Text Corporation $OTEX

Geode Capital Management LLC grew its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 5.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,680,546 shares of the software maker’s stock after purchasing an additional 143,996 shares during the quarter. Geode Capital Management LLC owned approximately 1.07% of Open Text worth $88,929,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of OTEX. Goldman Sachs Group Inc. raised its position 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 bought a new position in shares of Open Text in the first quarter valued at about $213,000. EverSource Wealth Advisors LLC raised its position in shares of Open Text by 39.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after purchasing an additional 570 shares during the period. Cerity Partners LLC increased its position in Open Text by 3.4% during the second quarter. Cerity Partners LLC now owns 49,003 shares of the software maker’s stock worth $1,431,000 after acquiring an additional 1,612 shares during the period. Finally, Qube Research & Technologies Ltd increased its position in Open Text by 16.8% during the second quarter. Qube Research & Technologies Ltd now owns 46,500 shares of the software maker’s stock worth $1,360,000 after acquiring an additional 6,700 shares during the period. 70.37% of the stock is owned by institutional investors.

Open Text Price Performance

NASDAQ:OTEX opened at $23.12 on Monday. The firm’s 50 day simple moving average is $22.95 and its 200 day simple moving average is $26.75. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94. Open Text Corporation has a one year low of $20.00 and a one year high of $39.90. The company has a market cap of $5.61 billion, a PE ratio of 11.28 and a beta of 1.05.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, May 7th. The software maker reported $1.01 EPS for the quarter, topping the consensus estimate of $0.94 by $0.07. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period last year, the company earned $0.82 EPS. The firm’s revenue was up 2.2% compared to the same quarter last year. On average, research analysts anticipate that Open Text Corporation will post 4.05 earnings per share for the current year.

Open Text Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, June 5th. This represents a $1.10 annualized dividend and a yield of 4.8%. Open Text’s dividend payout ratio (DPR) is currently 53.66%.

Analyst Ratings Changes

OTEX has been the topic of a number of recent research reports. Royal Bank Of Canada lowered their price target on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Friday, May 8th. Wall Street Zen raised shares of Open Text from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Raymond James Financial lowered their price target on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, May 8th. Scotia lowered their price target on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 8th. Finally, Scotiabank lowered their price target on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $33.67.

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.