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 decreased its stake in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 16.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund 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 reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc acquired a new position in shares of Open Text during the 1st quarter valued at $26,000. Parallel Advisors LLC increased its position in shares of Open Text by 219.3% during the 1st quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock valued at $49,000 after purchasing an additional 1,331 shares during the period. Headlands Technologies LLC increased its position in shares of Open Text by 360.6% during the 1st quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker's stock valued at $73,000 after purchasing an additional 2,261 shares during the period. United Services Automobile Association acquired a new position in shares of Open Text in the 1st quarter worth $213,000. Finally, Ridgewood Investments LLC grew its holdings in shares of Open Text by 593.1% in the 1st quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker's stock worth $219,000 after acquiring an additional 7,414 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Stock Performance

Shares of Open Text stock traded down $0.07 during trading on Wednesday, reaching $36.53. The company's stock had a trading volume of 424,716 shares, compared to its average volume of 1,337,540. Open Text Corporation has a one year low of $22.79 and a one year high of $38.08. 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 $9.29 billion, a price-to-earnings ratio of 22.14 and a beta of 1.16. The business's fifty day moving average price is $31.23 and its 200-day moving average price is $28.49.

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

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be paid a dividend of $0.275 per share. This is a positive change from Open Text's previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a yield of 3.0%. The ex-dividend date is Friday, September 5th. Open Text's dividend payout ratio is presently 66.67%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on OTEX shares. National Bankshares upgraded Open Text from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $34.00 to $45.00 in a report on Monday. Barclays reaffirmed a "positive" rating on shares of Open Text in a research report on Friday, August 8th. Jefferies Financial Group cut Open Text from a "buy" rating to a "hold" rating and set a $33.00 price target for the company. in a research report on Tuesday, August 12th. Wall Street Zen upgraded Open Text from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Royal Bank Of Canada lifted their price objective on Open Text from $30.00 to $35.00 and gave the stock a "sector perform" rating in a research note on Tuesday, September 2nd. Four analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Open Text currently has a consensus rating of "Hold" and an average target price of $35.18.

About Open Text

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.