Assenagon Asset Management S.A. decreased its stake in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 39.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,036 shares of the software maker’s stock after selling 24,369 shares during the period. Assenagon Asset Management S.A.’s holdings in Open Text were worth $1,408,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Blue Harbour Group L.P. lifted its stake in shares of Open Text by 0.6% in the second quarter. Blue Harbour Group L.P. now owns 9,855,331 shares of the software maker’s stock valued at $346,809,000 after purchasing an additional 61,306 shares during the period. Great West Life Assurance Co. Can raised its position in Open Text by 5.6% during the second quarter. Great West Life Assurance Co. Can now owns 4,914,338 shares of the software maker’s stock worth $173,549,000 after acquiring an additional 260,380 shares during the last quarter. Fiera Capital Corp raised its position in Open Text by 1.8% during the second quarter. Fiera Capital Corp now owns 2,878,501 shares of the software maker’s stock worth $101,322,000 after acquiring an additional 50,085 shares during the last quarter. First Trust Advisors LP raised its position in Open Text by 18.2% during the third quarter. First Trust Advisors LP now owns 2,658,380 shares of the software maker’s stock worth $101,125,000 after acquiring an additional 410,155 shares during the last quarter. Finally, CDAM UK Ltd raised its position in Open Text by 57.2% during the second quarter. CDAM UK Ltd now owns 1,703,053 shares of the software maker’s stock worth $59,930,000 after acquiring an additional 619,973 shares during the last quarter. Hedge funds and other institutional investors own 67.67% of the company’s stock.
Shares of OTEX opened at $33.05 on Friday. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.70. The stock has a market cap of $8.89 billion, a price-to-earnings ratio of 36.32 and a beta of 0.46. Open Text Corp has a 12-month low of $31.98 and a 12-month high of $40.31.
Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Wednesday, October 31st. The software maker reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. The business had revenue of $667.20 million during the quarter, compared to analyst estimates of $692.53 million. Open Text had a net margin of 8.51% and a return on equity of 7.99%. The company’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.54 earnings per share. As a group, research analysts anticipate that Open Text Corp will post 0.77 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Friday, November 30th will be given a $0.1518 dividend. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend is Thursday, November 29th. Open Text’s dividend payout ratio is presently 67.03%.
OTEX has been the subject of a number of research reports. Scotiabank restated a “buy” rating and set a $46.00 target price on shares of Open Text in a research report on Friday, August 3rd. Raymond James set a $48.00 target price on shares of Open Text and gave the stock an “outperform” rating in a research report on Thursday, November 1st. BidaskClub cut shares of Open Text from a “hold” rating to a “sell” rating in a research report on Tuesday, October 9th. BMO Capital Markets restated a “buy” rating and set a $40.00 target price on shares of Open Text in a research report on Thursday, November 1st. Finally, Royal Bank of Canada lifted their target price on shares of Open Text from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, August 3rd. Two research analysts have rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $44.20.
Open Text Profile
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
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