Meitav Dash Investments Ltd. trimmed its stake in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 0.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 52,388 shares of the software maker’s stock after selling 377 shares during the quarter. Meitav Dash Investments Ltd.’s holdings in Open Text were worth $2,016,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also made changes to their positions in OTEX. First Mercantile Trust Co. grew its holdings in shares of Open Text by 2.6% in the 4th quarter. First Mercantile Trust Co. now owns 11,810 shares of the software maker’s stock valued at $385,000 after buying an additional 295 shares during the period. Signaturefd LLC grew its holdings in shares of Open Text by 6.6% during the first quarter. Signaturefd LLC now owns 4,948 shares of the software maker’s stock valued at $190,000 after buying an additional 306 shares during the last quarter. Shine Investment Advisory Services Inc. grew its holdings in shares of Open Text by 18.3% during the first quarter. Shine Investment Advisory Services Inc. now owns 2,622 shares of the software maker’s stock valued at $101,000 after buying an additional 405 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Open Text by 5.7% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 8,373 shares of the software maker’s stock valued at $273,000 after buying an additional 455 shares during the last quarter. Finally, CLARET ASSET MANAGEMENT Corp grew its holdings in shares of Open Text by 5.8% during the fourth quarter. CLARET ASSET MANAGEMENT Corp now owns 10,021 shares of the software maker’s stock valued at $327,000 after buying an additional 546 shares during the last quarter. 67.47% of the stock is currently owned by institutional investors and hedge funds.
OTEX has been the topic of a number of research analyst reports. Raymond James set a $48.00 target price on shares of Open Text and gave the company an “outperform” rating in a research note on Thursday, May 2nd. BidaskClub upgraded shares of Open Text from a “sell” rating to a “hold” rating in a research report on Friday, May 3rd. Finally, Zacks Investment Research raised shares of Open Text from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Saturday, May 11th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $45.60.
Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Wednesday, May 1st. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.19. Open Text had a net margin of 9.57% and a return on equity of 7.31%. The firm had revenue of $719.10 million during the quarter, compared to the consensus estimate of $710.47 million. During the same quarter last year, the firm earned $0.54 earnings per share. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. Equities analysts forecast that Open Text Corp will post 1.16 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, May 31st were paid a dividend of $0.1746 per share. This represents a $0.70 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date was Thursday, May 30th. This is an increase from Open Text’s previous quarterly dividend of $0.12. Open Text’s dividend payout ratio (DPR) is currently 76.92%.
About Open Text
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
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