Open Text Corporation $OTEX Holdings Trimmed by Achmea Investment Management B.V.

Achmea Investment Management B.V. cut its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 42.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 33,692 shares of the software maker’s stock after selling 24,951 shares during the quarter. Achmea Investment Management B.V.’s holdings in Open Text were worth $983,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of OTEX. Cromwell Holdings LLC boosted its position in Open Text by 27.4% during the second quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock valued at $48,000 after purchasing an additional 352 shares during the last quarter. Headlands Technologies LLC boosted its holdings in shares of Open Text by 360.6% during the 1st quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker’s stock worth $73,000 after buying an additional 2,261 shares during the period. United Services Automobile Association acquired a new position in Open Text in the 1st quarter valued at $213,000. Ridgewood Investments LLC increased its stake in shares of Open Text by 593.1% in the first quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker’s stock worth $219,000 after purchasing an additional 7,414 shares during the period. Finally, Callan Family Office LLC acquired a new stake in Open Text in the 2nd quarter valued at approximately $250,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on OTEX shares. Royal Bank Of Canada upped their price target on Open Text from $30.00 to $35.00 and gave the stock a “sector perform” rating in a report on Tuesday, September 2nd. TD Cowen reissued a “hold” rating and issued a $40.00 target price on shares of Open Text in a report on Friday, October 3rd. Citigroup boosted their price target on shares of Open Text from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Scotiabank upgraded Open Text from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $35.00 to $50.00 in a report on Wednesday, September 24th. Finally, Barclays upped their price objective on Open Text from $33.00 to $39.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 21st. Three investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, Open Text currently has an average rating of “Hold” and a consensus price target of $39.42.

Open Text Stock Down 3.9%

NASDAQ:OTEX opened at $34.57 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. Open Text Corporation has a 12-month low of $22.79 and a 12-month high of $39.90. The stock’s fifty day simple moving average is $37.24 and its 200-day simple moving average is $31.81. The firm has a market capitalization of $8.71 billion, a P/E ratio of 20.95 and a beta of 1.14.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Wednesday, November 5th. The software maker reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the company posted $0.93 earnings per share. The firm’s revenue was up 1.5% on a year-over-year basis. Equities research analysts expect that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, December 5th. Open Text’s dividend payout ratio (DPR) 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.