Open Text Co. (NASDAQ:OTEX) Holdings Raised by Pictet Asset Management SA

Pictet Asset Management SA increased its position in shares of Open Text Co. (NASDAQ:OTEXGet Rating) (TSE:OTC) by 20.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 108,059 shares of the software maker’s stock after purchasing an additional 18,346 shares during the quarter. Pictet Asset Management SA’s holdings in Open Text were worth $4,089,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Truist Financial Corp lifted its position in shares of Open Text by 182.0% in the 1st quarter. Truist Financial Corp now owns 22,366 shares of the software maker’s stock worth $948,000 after buying an additional 14,436 shares during the last quarter. Comerica Bank lifted its holdings in Open Text by 9.4% in the first quarter. Comerica Bank now owns 9,492 shares of the software maker’s stock worth $404,000 after acquiring an additional 815 shares during the last quarter. SG Americas Securities LLC bought a new position in Open Text in the first quarter worth about $113,000. Metis Global Partners LLC acquired a new position in Open Text in the first quarter valued at approximately $422,000. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Open Text by 3.5% during the first quarter. Envestnet Asset Management Inc. now owns 311,496 shares of the software maker’s stock valued at $13,207,000 after purchasing an additional 10,408 shares during the last quarter. Institutional investors and hedge funds own 68.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on OTEX shares. Citigroup reduced their price objective on Open Text from $34.00 to $30.00 in a research report on Friday, November 4th. TheStreet downgraded shares of Open Text from a “b-” rating to a “c+” rating in a report on Wednesday, August 31st. StockNews.com began coverage on shares of Open Text in a research report on Wednesday, October 12th. They issued a “buy” rating on the stock. TD Securities dropped their price target on shares of Open Text from $48.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, November 4th. Finally, Raymond James reduced their price objective on Open Text from $53.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, November 4th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $44.75.

Open Text Price Performance

Shares of OTEX stock opened at $28.97 on Friday. Open Text Co. has a 1 year low of $24.91 and a 1 year high of $52.65. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The business’s fifty day moving average is $27.97 and its 200-day moving average is $34.45. The stock has a market cap of $7.83 billion, a PE ratio of 52.67 and a beta of 1.02.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 22nd. Shareholders of record on Friday, December 2nd will be issued a $0.243 dividend. This represents a $0.97 dividend on an annualized basis and a yield of 3.36%. This is an increase from Open Text’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Thursday, December 1st. Open Text’s dividend payout ratio is presently 176.37%.

Open Text Profile

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Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; security and protection solutions for defending against cyber threats, and preparing for business continuity and response in the event of a breach; digital investigation and forensic security solutions; OpenText security solutions to address information cyber resilience needs; Carbonite and Webroot products; and OpenText Information Management software platform.

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Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

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