323,894 Shares in Open Text Corporation $OTEX Purchased by Deutsche Bank AG

Key Points

• Deutsche Bank acquired 323,894 Open Text shares worth approximately $7.17 million, joining other institutional investors that collectively own 70.37% of the company.
• Open Text exceeded quarterly expectations, reporting $1.23 in earnings per share versus the $1.02 consensus estimate and $1.33 billion in revenue, up 2.9% year over year.
• The company pays a quarterly dividend of $0.28, equivalent to $1.12 annually and a 4.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $32.46.

Deutsche Bank AG acquired a new position in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 323,894 shares of the software maker's stock, valued at approximately $7,174,000. Deutsche Bank AG owned 0.13% of Open Text at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of OTEX. Norges Bank purchased a new stake in shares of Open Text in the fourth quarter worth approximately $106,700,000. First Trust Advisors LP grew its position in Open Text by 27.3% during the fourth quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker's stock valued at $374,394,000 after purchasing an additional 2,466,264 shares in the last quarter. Morgan Stanley grew its position in Open Text by 76.8% during the fourth quarter. Morgan Stanley now owns 2,884,381 shares of the software maker's stock valued at $93,973,000 after purchasing an additional 1,253,405 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Open Text by 11.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 10,734,420 shares of the software maker's stock valued at $349,978,000 after buying an additional 1,122,320 shares during the period. Finally, Royal Bank of Canada lifted its position in Open Text by 10.9% in the 1st quarter. Royal Bank of Canada now owns 9,843,494 shares of the software maker's stock worth $218,920,000 after buying an additional 965,385 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company's stock.

Open Text Stock Down 0.4%

Shares of Open Text stock opened at $24.58 on Tuesday. Open Text Corporation has a 12-month low of $19.77 and a 12-month high of $39.90. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.43. The stock has a 50 day moving average price of $23.36 and a two-hundred day moving average price of $23.35. The stock has a market capitalization of $5.95 billion, a P/E ratio of 9.53 and a beta of 1.03.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.21. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.29 billion. Open Text had a net margin of 12.26% and a return on equity of 25.76%. The company's quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.97 earnings per share. Equities analysts expect that Open Text Corporation will post 3.72 earnings per share for the current year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be issued a $0.28 dividend. This is a boost from Open Text's previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. This represents a $1.12 annualized dividend and a yield of 4.6%. Open Text's payout ratio is 43.41%.

Analysts Set New Price Targets

Several research firms have recently commented on OTEX. Scotiabank lowered their price target on shares of Open Text from $40.00 to $33.00 and set a "sector outperform" rating on the stock in a report on Friday, August 7th. Scotia reduced their price objective on Open Text from $40.00 to $33.00 and set a "sector outperform" rating for the company in a research report on Friday, August 7th. Citigroup boosted their target price on Open Text from $25.00 to $28.00 and gave the company a "neutral" rating in a research note on Friday, August 7th. Barclays upped their target price on Open Text from $25.00 to $27.00 and gave the stock an "equal weight" rating in a research report on Monday, May 11th. Finally, UBS Group raised their price target on Open Text from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Friday, August 7th. Three research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $32.46.

Open Text Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company's platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text's product suite includes content services, business process management, customer experience management, analytics and security products.

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