Allianz Asset Management GmbH Sells 42,034 Shares of Open Text Corporation (NASDAQ:OTEX)

Key Points

• Allianz Asset Management GmbH reduced its stake in Open Text Corporation by 63.2%, selling 42,034 shares and retaining 24,514 shares, with its holdings valued at approximately $619,000.
• The stock price of Open Text is currently $28.38, having experienced a 3.6% decline, with a market capitalization of $7.23 billion and a price-to-earnings ratio of 11.58.
• Analysts have mixed ratings for Open Text, with targets ranging from $28.00 to $43.00, leading to an average price target of $32.30 and a consensus rating of "Hold."

Allianz Asset Management GmbH lowered its position in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 63.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,514 shares of the software maker's stock after selling 42,034 shares during the quarter. Allianz Asset Management GmbH's holdings in Open Text were worth $619,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of OTEX. Versant Capital Management Inc acquired a new position in shares of Open Text in the 1st quarter valued at $26,000. Parallel Advisors LLC boosted its position in shares of Open Text by 219.3% in 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. Aquatic Capital Management LLC acquired a new position in shares of Open Text in the 4th quarter valued at $60,000. Natixis boosted its position in Open Text by 1,075.1% during the 4th quarter. Natixis now owns 3,161 shares of the software maker's stock worth $90,000 after acquiring an additional 2,892 shares during the period. Finally, CIBC Private Wealth Group LLC acquired a new stake in Open Text during the 4th quarter worth about $105,000. Institutional investors own 70.37% of the company's stock.

Open Text Stock Up 2.0%

Shares of OTEX traded up $0.58 during midday trading on Monday, reaching $28.96. 485,385 shares of the stock were exchanged, compared to its average volume of 1,088,576. Open Text Corporation has a 12-month low of $22.79 and a 12-month high of $34.20. The firm has a 50 day simple moving average of $28.85 and a 200-day simple moving average of $27.57. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.54. The company has a market cap of $7.38 billion, a price-to-earnings ratio of 8.06 and a beta of 1.12.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. BMO Capital Markets decreased their price objective on 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. Scotiabank decreased their price objective 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. Royal Bank Of Canada decreased their price objective on Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 22nd. Citigroup raised their price objective on Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a research report on Friday, May 2nd. Finally, National Bankshares decreased their price objective on Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a research report on Friday, April 25th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target 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.