Amundi Trims Position in Open Text Corporation $OTEX

Key Points

• Amundi reduced its Open Text stake by 15.8% in the first quarter, selling 166,945 shares and retaining 886,777 shares valued at approximately $19.7 million. Institutional investors collectively own 70.37% of the company.
• Open Text beat quarterly expectations, reporting adjusted EPS of $1.01 versus the $0.94 consensus and revenue of $1.28 billion, up 2.2% year over year.
• Analysts maintain a broadly cautious outlook: the stock has a consensus “Hold” rating and a $33.67 target price, despite four Buy ratings among 14 analysts.

Amundi trimmed its stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 15.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 886,777 shares of the software maker's stock after selling 166,945 shares during the quarter. Amundi owned about 0.37% of Open Text worth $19,722,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. CIBC Private Wealth Group LLC acquired a new position in Open Text during the third quarter worth $33,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Open Text by 5,096.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker's stock worth $52,000 after purchasing an additional 1,580 shares during the period. WealthCollab LLC grew its stake in shares of Open Text by 39.5% during the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker's stock worth $48,000 after purchasing an additional 464 shares during the period. Osaic Holdings Inc. increased its holdings in shares of Open Text by 108.8% in the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker's stock valued at $52,000 after purchasing an additional 937 shares in the last quarter. Finally, Barclays PLC lifted its stake in shares of Open Text by 55.5% in the fourth quarter. Barclays PLC now owns 1,854 shares of the software maker's stock valued at $60,000 after purchasing an additional 662 shares during the period. Hedge funds and other institutional investors own 70.37% of the company's stock.

Open Text Price Performance

Shares of NASDAQ:OTEX opened at $26.42 on Wednesday. The company has a market cap of $6.40 billion, a P/E ratio of 12.89 and a beta of 1.03. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.56. Open Text Corporation has a 52 week low of $19.77 and a 52 week high of $39.90. The business has a fifty day simple moving average of $22.93 and a 200-day simple moving average of $23.67.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 EPS for the quarter, beating analysts' consensus estimates of $0.94 by $0.07. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.26 billion. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The company's quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.82 EPS. Equities research analysts forecast that Open Text Corporation will post 4.05 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on OTEX shares. Raymond James Financial decreased their price target on Open Text from $42.00 to $35.00 and set an "outperform" rating on the stock in a research note on Friday, May 8th. Citigroup reduced their price objective on Open Text from $26.00 to $25.00 and set a "neutral" rating for the company in a report on Friday, May 8th. Wall Street Zen lowered Open Text from a "strong-buy" rating to a "buy" rating in a report on Tuesday, July 28th. Weiss Ratings restated a "hold (c-)" rating on shares of Open Text in a research report on Wednesday, June 24th. Finally, Barclays lifted their price target on Open Text from $25.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Monday, May 11th. Four investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $33.67.

Open Text Company Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company's platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text's product suite includes content services, business process management, customer experience management, analytics and security products.

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