Assenagon Asset Management S.A. Cuts Holdings in Open Text Corporation $OTEX

Assenagon Asset Management S.A. decreased its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 5.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,870 shares of the software maker’s stock after selling 626 shares during the period. Assenagon Asset Management S.A.’s holdings in Open Text were worth $346,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Two Sigma Investments LP grew its position in shares of Open Text by 483.2% in the fourth quarter. Two Sigma Investments LP now owns 72,906 shares of the software maker’s stock valued at $2,065,000 after purchasing an additional 60,406 shares during the period. Squarepoint Ops LLC acquired a new position in Open Text during the fourth quarter worth about $372,000. Wellington Management Group LLP boosted its position in Open Text by 31.4% during the fourth quarter. Wellington Management Group LLP now owns 263,239 shares of the software maker’s stock worth $7,446,000 after acquiring an additional 62,934 shares during the last quarter. Versant Capital Management Inc acquired a new position in Open Text during the first quarter worth about $26,000. Finally, Parallel Advisors LLC boosted its position in Open Text by 219.3% during the first 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 during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on OTEX. Barclays reaffirmed a “positive” rating on shares of Open Text in a research note on Friday, August 8th. Scotiabank raised shares of Open Text from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $35.00 to $50.00 in a research note on Wednesday, September 24th. National Bankshares raised shares of Open Text from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $34.00 to $45.00 in a research note on Monday, September 15th. Royal Bank Of Canada lifted their target price on shares of Open Text from $30.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Tuesday, September 2nd. Finally, CIBC reaffirmed a “neutral” rating on shares of Open Text in a research note on Monday, August 11th. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $36.55.

Open Text Trading Up 0.7%

Shares of Open Text stock opened at $37.45 on Monday. The company has a fifty day simple moving average of $32.65 and a 200-day simple moving average of $29.16. Open Text Corporation has a 12-month low of $22.79 and a 12-month high of $39.04. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61. The stock has a market cap of $9.47 billion, a price-to-earnings ratio of 22.70 and a beta of 1.15.

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

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were issued a $0.275 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.9%. This is a boost from Open Text’s previous quarterly dividend of $0.26. Open Text’s payout ratio is 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.