3,298,089 Shares in Open Text Co. (NASDAQ:OTEX) Bought by Norges Bank

Norges Bank acquired a new stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 3,298,089 shares of the software maker’s stock, valued at approximately $93,216,000.

Other hedge funds have also recently added to or reduced their stakes in the company. IFP Advisors Inc increased its stake in shares of Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock valued at $29,000 after acquiring an additional 515 shares during the last quarter. Blue Trust Inc. grew its holdings in Open Text by 40.8% during the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock valued at $39,000 after purchasing an additional 398 shares during the period. Generali Asset Management SPA SGR bought a new stake in Open Text in the fourth quarter valued at approximately $62,000. Allworth Financial LP raised its holdings in Open Text by 20.7% in the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after purchasing an additional 439 shares during the period. Finally, Plato Investment Management Ltd bought a new position in shares of Open Text during the fourth quarter worth $138,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the stock. UBS Group initiated coverage on shares of Open Text in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective for the company. StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Royal Bank of Canada decreased their price objective on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th. Barclays raised their target price on shares of Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. Finally, TD Securities reduced their price target on shares of Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a report on Sunday, February 9th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $35.18.

Open Text Trading Up 0.4 %

Open Text stock opened at $25.36 on Wednesday. The company has a market cap of $6.66 billion, a price-to-earnings ratio of 10.31 and a beta of 1.17. The firm has a 50-day moving average of $27.27 and a 200-day moving average of $29.39. 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 Co. has a one year low of $24.61 and a one year high of $38.56.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. On average, equities analysts expect that Open Text Co. will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were given a dividend of $0.2625 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a yield of 4.14%. The ex-dividend date was Friday, March 7th. Open Text’s dividend payout ratio is 42.68%.

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.