Acadian Asset Management LLC Sells 89,800 Shares of Open Text Corporation $OTEX

Key Points

• Acadian Asset Management LLC reduced its stake in Open Text Corporation by 16.1%, selling 89,800 shares and holding 469,600 shares post-sale, worth approximately $11.84 million.
• Open Text declared a quarterly dividend of $0.275, marking an increase from the previous dividend of $0.26 and resulting in an annualized yield of 3.1%.
• The company's latest quarterly earnings exceeded estimates, with reported EPS of $0.97 against a consensus estimate of $0.86, though revenue saw a year-over-year decline of 3.8%.

Acadian Asset Management LLC trimmed its stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 16.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 469,600 shares of the software maker's stock after selling 89,800 shares during the period. Acadian Asset Management LLC owned 0.18% of Open Text worth $11,843,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Plato Investment Management Ltd grew its stake in Open Text by 926.0% during the first quarter. Plato Investment Management Ltd now owns 49,999 shares of the software maker's stock valued at $1,276,000 after acquiring an additional 45,126 shares in the last quarter. United Services Automobile Association purchased a new position in Open Text during the first quarter valued at $213,000. Guardian Partners Inc. grew its stake in Open Text by 9.5% during the first quarter. Guardian Partners Inc. now owns 203,426 shares of the software maker's stock valued at $5,083,000 after acquiring an additional 17,654 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in 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 valued at $36,307,000 after acquiring an additional 619,527 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its stake in Open Text by 75.2% during the first quarter. Advisors Asset Management Inc. now owns 10,719 shares of the software maker's stock valued at $271,000 after acquiring an additional 4,601 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Trading Up 0.4%

NASDAQ:OTEX opened at $35.25 on Friday. Open Text Corporation has a one year low of $22.79 and a one year high of $35.96. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $8.96 billion, a P/E ratio of 21.36 and a beta of 1.16. The firm has a 50-day simple moving average of $30.83 and a 200-day simple moving average of $28.26.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings results on Thursday, August 7th. The software maker reported $0.97 EPS for the quarter, beating the consensus estimate of $0.86 by $0.11. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the previous year, the business posted $0.98 EPS. The company's quarterly revenue was down 3.8% compared to the same quarter last year. Equities analysts anticipate that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be issued a $0.275 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.10 annualized dividend and a dividend yield of 3.1%. This is an increase from Open Text's previous quarterly dividend of $0.26. Open Text's dividend payout ratio (DPR) is presently 66.67%.

Analysts Set New Price Targets

Several research firms recently weighed in on OTEX. CIBC reaffirmed a "neutral" rating on shares of Open Text in a research note on Monday, August 11th. Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Scotiabank lifted their price objective on shares of Open Text from $30.00 to $35.00 and gave the stock a "sector perform" rating in a research note on Tuesday, August 12th. Jefferies Financial Group cut shares of Open Text from a "buy" rating to a "hold" rating and set a $33.00 price objective for the company. in a research note on Tuesday, August 12th. Finally, Royal Bank Of Canada lifted their price objective on shares of Open Text from $30.00 to $35.00 and gave the stock a "sector perform" rating in a research note on Tuesday, September 2nd. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Open Text currently has a consensus rating of "Hold" and a consensus price target of $33.10.

Open Text 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.

Want to see what other hedge funds are holding OTEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.