APG Asset Management N.V. Reduces Stock Position in Open Text Co. (NASDAQ:OTEX)

APG Asset Management N.V. cut its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 0.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 295,965 shares of the software maker’s stock after selling 1,381 shares during the quarter. APG Asset Management N.V. owned about 0.11% of Open Text worth $8,290,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OTEX. BNP Paribas Financial Markets increased its position in shares of Open Text by 57.7% during the fourth quarter. BNP Paribas Financial Markets now owns 11,888 shares of the software maker’s stock valued at $500,000 after buying an additional 4,351 shares during the period. Dimensional Fund Advisors LP increased its holdings in Open Text by 1.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 656,340 shares of the software maker’s stock worth $27,580,000 after acquiring an additional 8,603 shares during the period. Assetmark Inc. purchased a new stake in Open Text in the 4th quarter worth approximately $48,000. US Bancorp DE boosted its holdings in Open Text by 733.3% in the 4th quarter. US Bancorp DE now owns 37,898 shares of the software maker’s stock valued at $1,592,000 after purchasing an additional 33,350 shares during the period. Finally, Allianz Asset Management GmbH grew its position in shares of Open Text by 11.3% during the 4th quarter. Allianz Asset Management GmbH now owns 177,452 shares of the software maker’s stock valued at $7,495,000 after purchasing an additional 18,047 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Open Text Trading Down 1.6 %

NASDAQ OTEX opened at $33.09 on Monday. The stock has a 50-day moving average of $31.59 and a 200-day moving average of $32.39. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.51. Open Text Co. has a 1-year low of $27.50 and a 1-year high of $45.47. The firm has a market cap of $8.93 billion, a PE ratio of 53.37 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the firm posted $0.79 earnings per share. The business’s quarterly revenue was down 8.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Open Text Co. will post 3.23 EPS for the current year.

Open Text Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were paid a dividend of $0.192 per share. This represents a $0.77 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend was Friday, August 30th. Open Text’s dividend payout ratio (DPR) is 169.35%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on OTEX shares. CIBC lowered their price objective on Open Text from $36.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, July 19th. National Bankshares downgraded Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price target for the company. in a research report on Friday, August 2nd. Citigroup upped their price objective on shares of Open Text from $32.00 to $34.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. BMO Capital Markets lowered their target price on shares of Open Text from $38.00 to $33.00 and set a “market perform” rating on the stock in a research note on Friday, August 2nd. Finally, Jefferies Financial Group cut their price target on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Open Text presently has an average rating of “Hold” and a consensus target price of $38.80.

Open Text Profile

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.