Avanza Fonder AB Purchases Shares of 16,453 Open Text Corporation $OTEX

Key Points

• Avanza Fonder AB has acquired a new stake of 16,453 shares in Open Text Corporation, valued at approximately $480,000, during the second quarter.
• Several institutional investors have also significantly increased their holdings in Open Text, with Tidal Investments LLC and Two Sigma Investments LP lifting their positions by 38.8% and 483.2% respectively in the fourth quarter.
• Open Text recently increased its quarterly dividend from $0.26 to $0.275 per share, reflecting a payout ratio of 66.67% and a dividend yield of 2.9%.

Avanza Fonder AB purchased a new stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 16,453 shares of the software maker's stock, valued at approximately $480,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tidal Investments LLC lifted its position in shares of Open Text by 38.8% during the fourth quarter. Tidal Investments LLC now owns 18,238 shares of the software maker's stock worth $516,000 after purchasing an additional 5,100 shares in the last quarter. Two Sigma Investments LP lifted its position in shares of Open Text by 483.2% during the fourth quarter. Two Sigma Investments LP now owns 72,906 shares of the software maker's stock worth $2,065,000 after purchasing an additional 60,406 shares in the last quarter. Squarepoint Ops LLC acquired a new position in shares of Open Text during the fourth quarter worth $372,000. Public Employees Retirement System of Ohio lifted its position in shares of Open Text by 208.2% during the fourth quarter. Public Employees Retirement System of Ohio now owns 140,726 shares of the software maker's stock worth $3,985,000 after purchasing an additional 95,058 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Open Text by 31.4% during the fourth quarter. Wellington Management Group LLP now owns 263,239 shares of the software maker's stock worth $7,446,000 after purchasing an additional 62,934 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Barclays reissued a "positive" rating on shares of Open Text in a research report on Friday, August 8th. Jefferies Financial Group cut shares of Open Text from a "buy" rating to a "hold" rating and set a $33.00 target price on the stock. in a research report on Tuesday, August 12th. National Bankshares raised shares of Open Text from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $34.00 to $45.00 in a research report on Monday, September 15th. National Bank Financial raised shares of Open Text from a "sector perform" rating to an "outperform" rating and set a $45.00 price target on the stock in a report on Monday, September 15th. Finally, Scotiabank upped their price target on shares of Open Text from $30.00 to $35.00 and gave the company a "sector perform" rating in a report on Tuesday, August 12th. Four analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $35.18.

Open Text Stock Up 2.1%

Open Text stock opened at $37.74 on Tuesday. The company has a 50-day simple moving average of $31.92 and a 200-day simple moving average of $28.82. The firm has a market capitalization of $9.55 billion, a P/E ratio of 22.87 and a beta of 1.15. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80. Open Text Corporation has a one year low of $22.79 and a one year high of $38.26.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings results on Thursday, August 7th. The software maker reported $0.97 EPS for the quarter, topping the consensus estimate of $0.86 by $0.11. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The company's quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.98 earnings per share. As a group, equities analysts expect that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were given a dividend of $0.275 per share. This is an increase from Open Text's previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Friday, September 5th. Open Text's payout ratio is currently 66.67%.

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.

Want to see what other hedge funds are holding OTEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.