Open Text Corporation $OTEX Stock Holdings Lowered by Andra AP fonden

Andra AP fonden trimmed its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 47.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 197,900 shares of the software maker’s stock after selling 176,000 shares during the period. Andra AP fonden owned about 0.08% of Open Text worth $5,779,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in OTEX. Vanguard Group Inc. lifted its position in shares of Open Text by 6.1% during the 1st quarter. Vanguard Group Inc. now owns 11,151,279 shares of the software maker’s stock valued at $281,447,000 after acquiring an additional 639,514 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Open Text by 75.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker’s stock worth $36,307,000 after purchasing an additional 619,527 shares during the period. Letko Brosseau & Associates Inc. raised its position in shares of Open Text by 11.8% during the first quarter. Letko Brosseau & Associates Inc. now owns 4,860,805 shares of the software maker’s stock worth $122,664,000 after purchasing an additional 512,050 shares during the period. Mackenzie Financial Corp lifted its holdings in shares of Open Text by 9.2% during the first quarter. Mackenzie Financial Corp now owns 5,876,003 shares of the software maker’s stock valued at $148,299,000 after purchasing an additional 492,897 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Open Text by 34.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,247,467 shares of the software maker’s stock valued at $31,490,000 after purchasing an additional 323,029 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Trading Down 3.9%

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

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Wednesday, November 5th. The software maker reported $1.05 earnings per share (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 firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter last year, the firm earned $0.93 earnings per share. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, sell-side analysts forecast that Open Text Corporation will post 3.45 EPS for the current fiscal 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 issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Friday, December 5th. Open Text’s payout ratio is currently 66.67%.

Wall Street Analyst Weigh In

A number of analysts have commented on OTEX shares. Wall Street Zen raised shares of Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Jefferies Financial Group upped their price target on shares of Open Text from $33.00 to $35.00 and gave the company a “hold” rating in a research report on Thursday. UBS Group raised their price objective on shares of Open Text from $32.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday. CIBC boosted their target price on shares of Open Text from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, October 29th. Finally, Citigroup raised their target price on Open Text from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Three research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, Open Text currently has an average rating of “Hold” and a consensus target price of $39.42.

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.