Open Text Corporation $OTEX Shares Bought by American Century Companies Inc.

American Century Companies Inc. increased its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 25.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 375,844 shares of the software maker’s stock after buying an additional 76,865 shares during the quarter. American Century Companies Inc. owned about 0.14% of Open Text worth $9,486,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of OTEX. Versant Capital Management Inc acquired a new position in Open Text in the 1st quarter worth approximately $26,000. Parallel Advisors LLC boosted its position 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 purchasing an additional 1,331 shares in the last quarter. Aquatic Capital Management LLC purchased a new stake in Open Text in the 4th quarter worth approximately $60,000. Headlands Technologies LLC boosted its position in Open Text by 360.6% in the 1st quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker’s stock worth $73,000 after purchasing an additional 2,261 shares in the last quarter. Finally, Parvin Asset Management LLC purchased a new stake in Open Text in the 4th quarter worth approximately $128,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on OTEX. BMO Capital Markets lowered their price objective on Open Text from $30.00 to $28.00 and set a “market perform” rating on the stock in a research report on Friday, May 2nd. Scotiabank upped their price objective on Open Text from $30.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 12th. Wall Street Zen upgraded Open Text from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Barclays restated a “positive” rating on shares of Open Text in a research report on Friday, August 8th. Finally, UBS Group decreased their target price on Open Text from $32.00 to $28.00 and set a “neutral” rating on the stock in a research report on Friday, May 2nd. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $32.60.

Open Text Trading Up 0.0%

Shares of NASDAQ:OTEX opened at $32.23 on Wednesday. Open Text Corporation has a 1 year low of $22.79 and a 1 year high of $34.20. The firm has a market capitalization of $8.20 billion, a price-to-earnings ratio of 19.53 and a beta of 1.12. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.80 and a quick ratio of 0.80. The business’s 50 day moving average price is $29.68 and its 200-day moving average price is $27.79.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, August 7th. The software maker reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.11. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter last year, the firm posted $0.98 EPS. The business’s revenue was down 3.8% on a year-over-year basis. On average, equities research analysts forecast that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Open Text’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.4%. Open Text’s payout ratio is currently 66.67%.

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.