DekaBank Deutsche Girozentrale Boosts Stock Position in Open Text Corporation (NASDAQ:OTEX)

DekaBank Deutsche Girozentrale boosted its holdings in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 16.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,281 shares of the software maker's stock after buying an additional 15,498 shares during the period. DekaBank Deutsche Girozentrale's holdings in Open Text were worth $2,686,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Parallel Advisors LLC boosted its position 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 valued at $49,000 after acquiring an additional 1,331 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Open Text by 12.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 187,565 shares of the software maker's stock valued at $4,735,000 after purchasing an additional 21,089 shares during the period. Two Sigma Investments LP grew its position in shares of Open Text by 483.2% during the 4th quarter. Two Sigma Investments LP now owns 72,906 shares of the software maker's stock valued at $2,065,000 after purchasing an additional 60,406 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Open Text in the first quarter worth $323,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Open Text in the fourth quarter worth $3,572,000. Institutional investors own 70.37% of the company's stock.

Wall Street Analysts Forecast Growth

OTEX has been the topic of several recent analyst reports. Barclays lowered their price target on Open Text from $36.00 to $29.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. UBS Group lowered their target price on shares of Open Text from $32.00 to $28.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Citigroup boosted their price target 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. BMO Capital Markets lowered their price objective on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating on the stock in a research report on Friday, May 2nd. Finally, Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Open Text currently has an average rating of "Hold" and a consensus price target of $32.30.

Open Text Trading Up 1.5%

Open Text stock traded up $0.43 during mid-day trading on Wednesday, hitting $28.36. The company's stock had a trading volume of 777,395 shares, compared to its average volume of 960,272. The business has a 50 day moving average price of $28.43 and a 200-day moving average price of $27.44. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.86 and a quick ratio of 0.86. Open Text Corporation has a 12 month low of $22.79 and a 12 month high of $34.20. The stock has a market cap of $7.27 billion, a price-to-earnings ratio of 11.58 and a beta of 1.13.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.01. Open Text had a return on equity of 22.49% and a net margin of 12.55%. The company had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the previous year, the company posted $0.94 EPS. Open Text's revenue for the quarter was down 13.3% on a year-over-year basis. As a group, analysts forecast that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 3.70%. The ex-dividend date was Friday, June 6th. Open Text's dividend payout ratio is 42.86%.

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.