Zurcher Kantonalbank Zurich Cantonalbank Reduces Position in Open Text Co. (NASDAQ:OTEX)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 44.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 181,243 shares of the software maker’s stock after selling 142,642 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.07% of Open Text worth $7,655,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Wetherby Asset Management Inc. increased its holdings in Open Text by 2.2% in the first quarter. Wetherby Asset Management Inc. now owns 12,622 shares of the software maker’s stock valued at $487,000 after buying an additional 272 shares during the last quarter. IFP Advisors Inc increased its holdings in Open Text by 82.0% in the third quarter. IFP Advisors Inc now owns 870 shares of the software maker’s stock valued at $31,000 after buying an additional 392 shares during the last quarter. Cerity Partners LLC increased its holdings in Open Text by 3.3% in the second quarter. Cerity Partners LLC now owns 14,492 shares of the software maker’s stock valued at $602,000 after buying an additional 467 shares during the last quarter. Advisor Partners II LLC increased its holdings in Open Text by 4.4% in the first quarter. Advisor Partners II LLC now owns 11,097 shares of the software maker’s stock valued at $428,000 after buying an additional 471 shares during the last quarter. Finally, Allworth Financial LP increased its holdings in Open Text by 125.7% in the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after buying an additional 533 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OTEX has been the subject of several research analyst reports. StockNews.com raised Open Text from a “hold” rating to a “buy” rating in a report on Tuesday, February 6th. Jefferies Financial Group initiated coverage on Open Text in a research note on Tuesday, February 27th. They issued a “buy” rating and a $45.00 target price for the company. BMO Capital Markets lifted their target price on Open Text from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. Citigroup decreased their target price on Open Text from $44.00 to $42.00 and set a “neutral” rating for the company in a research note on Friday, March 22nd. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $53.00 target price on shares of Open Text in a research note on Friday, February 2nd. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.25.

Open Text Stock Performance

OTEX opened at $35.05 on Friday. The company has a market capitalization of $9.55 billion, a price-to-earnings ratio of 74.58 and a beta of 1.09. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.38 and a quick ratio of 1.38. Open Text Co. has a 1-year low of $32.04 and a 1-year high of $45.47. The business has a 50 day moving average price of $38.21 and a two-hundred day moving average price of $38.73.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.01. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Open Text had a return on equity of 22.99% and a net margin of 2.24%. Research analysts predict that Open Text Co. will post 4.14 EPS for the current fiscal year.

Open Text Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Friday, March 1st were issued a $0.25 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.00 annualized dividend and a dividend yield of 2.85%. Open Text’s dividend payout ratio is currently 212.77%.

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.