Open Text Corporation (NASDAQ:OTEX) Stake Lessened by Achmea Investment Management B.V.

Achmea Investment Management B.V. trimmed its holdings in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 43.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 58,643 shares of the software maker's stock after selling 44,689 shares during the period. Achmea Investment Management B.V.'s holdings in Open Text were worth $1,480,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Versant Capital Management Inc purchased a new position in shares of Open Text during the 1st quarter worth $26,000. IFP Advisors Inc grew its stake in Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock worth $29,000 after buying an additional 515 shares during the period. Parallel Advisors LLC increased its position in shares of Open Text by 219.3% in the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock worth $49,000 after acquiring an additional 1,331 shares in the last quarter. Aquatic Capital Management LLC purchased a new position in shares of Open Text in the 4th quarter valued at $60,000. Finally, Generali Asset Management SPA SGR purchased a new position in Open Text in the fourth quarter valued at about $62,000. Institutional investors and hedge funds own 70.37% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on OTEX shares. BMO Capital Markets dropped their price objective on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating on the stock in a research note on Friday, May 2nd. Scotiabank cut their price target on shares of Open Text from $35.00 to $30.00 and set a "sector perform" rating on the stock in a report on Monday, April 28th. Citigroup increased their target price on Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a report on Friday, May 2nd. Royal Bank Of Canada reduced their price target on shares of Open Text from $31.00 to $30.00 and set a "sector perform" rating on the stock in a research report on Tuesday, April 22nd. Finally, National Bankshares cut their price target on Open Text from $38.00 to $34.00 and set a "sector perform" rating on the stock in a report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $32.30.

Open Text Price Performance

OTEX traded up $0.36 on Tuesday, reaching $29.56. The company had a trading volume of 775,168 shares, compared to its average volume of 939,932. Open Text Corporation has a one year low of $22.79 and a one year high of $34.20. The company has a market capitalization of $7.58 billion, a P/E ratio of 12.07 and a beta of 1.13. The company has a fifty day moving average of $27.92 and a 200-day moving average of $27.37. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.54.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings data on Wednesday, April 30th. The software maker reported $0.82 EPS for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. Open Text had a return on equity of 22.49% and a net margin of 12.55%. The company had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the business earned $0.94 EPS. The company's quarterly revenue was down 13.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were given a dividend of $0.2625 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.55%. Open Text's dividend payout ratio (DPR) is presently 42.86%.

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.