89,076 Shares in Open Text Corporation $OTEX Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management bought 89,076 Open Text shares worth approximately $1.97 million, while institutional investors collectively own 70.37% of the company.
• Analysts maintain a consensus “Hold” rating with an average price target of $32.46; recent targets ranged from $27 to $33, compared with the stock’s $24.67 opening price.
• Open Text exceeded quarterly expectations, reporting $1.23 in earnings per share and $1.33 billion in revenue, while quarterly revenue rose 2.9% year over year. The company offers a $0.28 quarterly dividend, representing a 4.5% annual yield.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 89,076 shares of the software maker's stock, valued at approximately $1,973,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC purchased a new stake in shares of Open Text during the third quarter worth about $33,000. Global Retirement Partners LLC acquired a new position in shares of Open Text during the second quarter valued at about $34,000. WealthCollab LLC raised its position in shares of Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker's stock valued at $48,000 after purchasing an additional 464 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of Open Text by 5,096.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker's stock valued at $52,000 after purchasing an additional 1,580 shares during the last quarter. Finally, Osaic Holdings Inc. boosted its stake in Open Text by 108.8% in the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker's stock worth $52,000 after purchasing an additional 937 shares in the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on OTEX. Raymond James Financial downgraded Open Text from an "outperform" rating to a "market perform" rating and cut their target price for the company from $35.00 to $29.50 in a research report on Thursday, August 6th. UBS Group raised their price objective on Open Text from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Friday, August 7th. Scotiabank dropped their target price on Open Text from $40.00 to $33.00 and set a "sector outperform" rating on the stock in a research report on Friday, August 7th. Barclays increased their price target on shares of Open Text from $25.00 to $27.00 and gave the stock an "equal weight" rating in a report on Monday, May 11th. Finally, Scotia decreased their target price on shares of 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. Three analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $32.46.

Open Text Stock Performance

OTEX opened at $24.67 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.43. Open Text Corporation has a 52-week low of $19.77 and a 52-week high of $39.90. The company has a market cap of $5.97 billion, a price-to-earnings ratio of 9.56 and a beta of 1.03. The firm's fifty day simple moving average is $23.31 and its two-hundred day simple moving average is $23.35.

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

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, September 4th. This is a boost from Open Text's previous quarterly dividend of $0.28. This represents a $1.12 dividend on an annualized basis and a yield of 4.5%. Open Text's dividend payout ratio (DPR) is presently 43.41%.

About Open Text

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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