Pictet Asset Management Ltd. Sells 2,700 Shares of Open Text Corp (NASDAQ:OTEX)

Pictet Asset Management Ltd. cut its stake in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 2.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 102,335 shares of the software maker’s stock after selling 2,700 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Open Text were worth $3,933,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Signaturefd LLC boosted its holdings in shares of Open Text by 6.6% in the 1st 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. boosted its holdings in shares of Open Text by 18.3% in the 1st 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. boosted its holdings in shares of Open Text by 5.7% in the 4th 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. CLARET ASSET MANAGEMENT Corp boosted its holdings in shares of Open Text by 5.8% in the 4th 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. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Open Text by 2.9% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 19,421 shares of the software maker’s stock valued at $633,000 after buying an additional 552 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Several brokerages have issued reports on OTEX. Zacks Investment Research raised Open Text from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Saturday, May 11th. BidaskClub upgraded Open Text from a “sell” rating to a “hold” rating in a research report on Friday, May 3rd. Finally, Raymond James set a $48.00 price objective on Open Text and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $45.60.

Shares of OTEX stock traded up $0.16 during mid-day trading on Monday, reaching $41.36. 470,600 shares of the stock traded hands, compared to its average volume of 548,054. The business has a fifty day moving average price of $40.72. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market capitalization of $11.11 billion, a P/E ratio of 45.45 and a beta of 0.48. Open Text Corp has a 1-year low of $30.99 and a 1-year high of $42.34.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Wednesday, May 1st. The software maker reported $0.27 EPS for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.19. The company had revenue of $719.10 million for the quarter, compared to analyst estimates of $710.47 million. Open Text had a return on equity of 7.31% and a net margin of 9.57%. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.54 earnings per share. Equities research analysts expect that Open Text Corp will post 1.16 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, May 31st were paid a $0.1746 dividend. This is a positive change from Open Text’s previous quarterly dividend of $0.12. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend was Thursday, May 30th. Open Text’s payout ratio is currently 76.92%.

Open Text Company Profile

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

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