Open Text Corporation (NASDAQ:OTEX) Shares Sold by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp has reduced its stock position in Open Text Corporation (NASDAQ:OTEX) by 25.5%, holding 166,800 shares after selling 57,000 shares in the first quarter.
• Several analysts have revised their target prices for Open Text, with estimates dropping from a high of $36.00 to a low of $28.00, reflecting a consensus target price of $32.00.
• Open Text reported a quarterly revenue of $1.25 billion, a decline of 13.3% compared to the same period last year, while beating EPS expectations by one cent.

Alberta Investment Management Corp decreased its holdings in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 25.5% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 166,800 shares of the software maker's stock after selling 57,000 shares during the period. Alberta Investment Management Corp owned approximately 0.06% of Open Text worth $4,209,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Parallel Advisors LLC raised its stake 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 purchasing an additional 1,331 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Open Text by 12.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 187,565 shares of the software maker's stock worth $4,735,000 after purchasing an additional 21,089 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in shares of Open Text during the first quarter valued at $323,000. Two Sigma Investments LP increased its stake in Open Text by 483.2% in the 4th quarter. Two Sigma Investments LP now owns 72,906 shares of the software maker's stock worth $2,065,000 after buying an additional 60,406 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Open Text during the 4th quarter valued at about $3,572,000. 70.37% of the stock is owned by institutional investors.

Open Text Stock Performance

OTEX stock traded down $0.81 during midday trading on Thursday, hitting $28.14. 1,525,445 shares of the stock traded hands, compared to its average volume of 1,229,040. The stock's fifty day simple moving average is $28.89 and its 200-day simple moving average is $27.59. Open Text Corporation has a 1-year low of $22.79 and a 1-year high of $34.20. The firm has a market cap of $7.17 billion, a P/E ratio of 11.49 and a beta of 1.12. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.86 and a quick ratio of 0.86.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Scotiabank decreased their target price on Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a research report on Monday, April 28th. Barclays dropped their target price on Open Text from $36.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Royal Bank Of Canada dropped their price objective on 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. BMO Capital Markets decreased their price target on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a research report on Friday, May 2nd. Finally, Citigroup increased their target price on shares of Open Text from $29.00 to $43.00 and gave the company a "negative" rating in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, Open Text has an average rating of "Hold" and a consensus target price of $32.00.

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.