DekaBank Deutsche Girozentrale Buys 15,498 Shares of Open Text Corporation (NASDAQ:OTEX)

DekaBank Deutsche Girozentrale grew its stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 16.9% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 107,281 shares of the software maker's stock after acquiring an additional 15,498 shares during the quarter. DekaBank Deutsche Girozentrale's holdings in Open Text were worth $2,686,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Crossmark Global Holdings Inc. lifted its position in Open Text by 8.5% during the first quarter. Crossmark Global Holdings Inc. now owns 357,785 shares of the software maker's stock worth $9,038,000 after purchasing an additional 28,025 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Open Text by 24.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 91,358 shares of the software maker's stock valued at $2,308,000 after buying an additional 17,982 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Open Text by 24.5% during the 1st quarter. Bank of New York Mellon Corp now owns 438,892 shares of the software maker's stock worth $11,086,000 after acquiring an additional 86,487 shares during the period. Cidel Asset Management Inc. boosted its position in shares of Open Text by 2.1% during the 1st quarter. Cidel Asset Management Inc. now owns 912,578 shares of the software maker's stock worth $23,029,000 after acquiring an additional 18,754 shares in the last quarter. Finally, Vontobel Holding Ltd. increased its stake in Open Text by 10.3% in the first quarter. Vontobel Holding Ltd. now owns 65,450 shares of the software maker's stock valued at $1,652,000 after acquiring an additional 6,099 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Stock Down 4.1%

NASDAQ:OTEX opened at $28.02 on Friday. Open Text Corporation has a one year low of $22.79 and a one year high of $34.20. 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 company has a market cap of $7.19 billion, a PE ratio of 11.44 and a beta of 1.13. The firm's 50 day simple moving average is $28.38 and its 200 day simple moving average is $27.45.

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

Open Text Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a $0.2625 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.75%. Open Text's dividend payout ratio (DPR) is presently 42.86%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on OTEX shares. BMO Capital Markets reduced their target price on Open Text from $30.00 to $28.00 and set a "market perform" rating on the stock in a report on Friday, May 2nd. Jefferies Financial Group reaffirmed a "buy" rating on shares of Open Text in a research note on Wednesday. National Bankshares lowered their target price on 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. UBS Group dropped their target price on shares of Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Finally, Citigroup lifted their price target on shares of Open Text from $29.00 to $43.00 and gave the company a "negative" rating in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $32.30.

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.

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