J. Safra Sarasin Holding AG Sells 690 Shares of Open Text Co. (NASDAQ:OTEX)

by · The Markets Daily

J. Safra Sarasin Holding AG cut its holdings in Open Text Co. (NASDAQ:OTEX – Free Report) (TSE:OTC) by 1.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,088 shares of the software maker’s stock after selling 690 shares during the period. J. Safra Sarasin Holding AG’s holdings in Open Text were worth $1,530,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. First Trust Advisors LP increased its position in shares of Open Text by 9.5% during the 4th quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker’s stock valued at $205,925,000 after purchasing an additional 632,437 shares during the last quarter. Cooke & Bieler LP increased its holdings in Open Text by 6.6% during the fourth quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker’s stock worth $178,670,000 after buying an additional 389,220 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Open Text by 75.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker’s stock worth $169,555,000 after acquiring an additional 2,586,549 shares during the period. Brandes Investment Partners LP raised its position in Open Text by 29.2% in the fourth quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker’s stock worth $127,557,000 after acquiring an additional 1,017,065 shares during the period. Finally, Norges Bank purchased a new position in Open Text in the fourth quarter valued at about $93,216,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Stock Up 2.3 %

OTEX opened at $25.47 on Wednesday. The firm has a market capitalization of $6.61 billion, a P/E ratio of 10.35 and a beta of 1.13. Open Text Co. has a one year low of $22.79 and a one year high of $36.39. The company has a fifty day moving average price of $25.86 and a 200-day moving average price of $28.50. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87.

Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last posted its earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. Equities research analysts expect that Open Text Co. will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were paid a $0.2625 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date of this dividend was Friday, March 7th. Open Text’s dividend payout ratio (DPR) is currently 42.68%.

Analysts Set New Price Targets

OTEX has been the topic of several research analyst reports. TD Securities dropped their price objective on Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Sunday, February 9th. Royal Bank of Canada cut their price target on Open Text from $31.00 to $30.00 and set a “sector perform” rating for the company in a research note on Tuesday. Citigroup boosted their price objective on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Barclays cut their target price on shares of Open Text from $36.00 to $29.00 and set an “equal weight” rating for the company in a research report on Monday. Finally, StockNews.com cut shares of Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Open Text has a consensus rating of “Hold” and an average price target of $34.45.

Get Our Latest Stock Analysis on OTEX

About Open Text

(Free Report)

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.

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