Assenagon Asset Management S.A. Has $315,000 Stock Position in Open Text Corporation (NASDAQ:OTEX)

Assenagon Asset Management S.A. decreased its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 37.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 12,496 shares of the software maker’s stock after selling 7,425 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Open Text were worth $315,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Wedge Capital Management L L P NC boosted its position in shares of Open Text by 11.1% in the 1st quarter. Wedge Capital Management L L P NC now owns 93,111 shares of the software maker’s stock valued at $2,352,000 after purchasing an additional 9,340 shares during the period. Vest Financial LLC lifted its stake in Open Text by 34.9% in the 1st quarter. Vest Financial LLC now owns 12,724 shares of the software maker’s stock worth $321,000 after acquiring an additional 3,290 shares in the last quarter. NBC Securities Inc. lifted its stake in Open Text by 143,737.5% in the 1st quarter. NBC Securities Inc. now owns 11,507 shares of the software maker’s stock worth $290,000 after acquiring an additional 11,499 shares in the last quarter. Legacy Wealth Asset Management LLC lifted its stake in Open Text by 25.9% in the 1st quarter. Legacy Wealth Asset Management LLC now owns 19,958 shares of the software maker’s stock worth $504,000 after acquiring an additional 4,105 shares in the last quarter. Finally, Parallel Advisors LLC lifted its stake in Open Text by 219.3% in the 1st quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker’s stock worth $49,000 after acquiring an additional 1,331 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Up 0.1%

OTEX opened at $28.32 on Friday. Open Text Corporation has a fifty-two week low of $22.79 and a fifty-two week high of $34.20. The business has a 50-day moving average of $27.33 and a 200-day moving average of $27.51. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $7.26 billion, a PE ratio of 11.56 and a beta of 1.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. Open Text had a return on equity of 22.49% and a net margin of 12.55%. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the business earned $0.94 EPS. The firm’s revenue was down 13.3% compared to the same quarter last year. Equities research analysts forecast that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be paid a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date of this dividend is Friday, June 6th. Open Text’s payout ratio is 42.86%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Barclays reduced their price objective on Open Text from $36.00 to $29.00 and set an “equal weight” rating for the company in a research note on Monday, April 21st. BMO Capital Markets reduced their price objective on Open Text from $30.00 to $28.00 and set a “market perform” rating for the company in a research note on Friday, May 2nd. Royal Bank Of Canada reduced their price objective on Open Text from $31.00 to $30.00 and set a “sector perform” rating for the company in a research note on Tuesday, April 22nd. CIBC reduced their price objective on Open Text from $33.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday, May 2nd. Finally, National Bankshares cut their price target on Open Text from $38.00 to $34.00 and set a “sector perform” rating for the company in a research note on Friday, April 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $32.30.

Open Text Company 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.