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 cut its holdings in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 63.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Easterly Investment Partners LLC increased its stake in shares of Open Text by 3.7% during the 1st quarter. Easterly Investment Partners LLC now owns 494,372 shares of the software maker's stock worth $12,488,000 after purchasing an additional 17,784 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Open Text by 34.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 17,199 shares of the software maker's stock worth $434,000 after purchasing an additional 4,362 shares during the last quarter. Cerity Partners LLC increased its stake in shares of Open Text by 42.4% during the 1st quarter. Cerity Partners LLC now owns 47,391 shares of the software maker's stock worth $1,197,000 after purchasing an additional 14,109 shares during the last quarter. Alps Advisors Inc. increased its stake in shares of Open Text by 5.8% during the 1st quarter. Alps Advisors Inc. now owns 33,109 shares of the software maker's stock worth $836,000 after purchasing an additional 1,807 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale increased its stake in shares of Open Text by 16.9% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 107,281 shares of the software maker's stock worth $2,686,000 after purchasing an additional 15,498 shares during the last quarter. 70.37% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on OTEX shares. BMO Capital Markets decreased their price target 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. National Bankshares dropped their price objective on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a research note on Friday, April 25th. Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. CIBC decreased their price target on shares of Open Text from $33.00 to $31.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Finally, Citigroup boosted their price objective on shares of Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, Open Text presently has a consensus rating of "Hold" and an average price target of $32.00.

Open Text Stock Up 1.3%

Shares of NASDAQ OTEX traded up $0.37 during mid-day trading on Wednesday, reaching $29.02. 510,627 shares of the company's stock traded hands, compared to its average volume of 1,224,462. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.86 and a quick ratio of 0.86. The business has a 50-day simple moving average of $28.88 and a 200 day simple moving average of $27.58. Open Text Corporation has a 1-year low of $22.79 and a 1-year high of $34.20. The stock has a market cap of $7.39 billion, a P/E ratio of 11.86 and a beta of 1.12.

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.