34,601 Shares in Open Text Corporation $OTEX Acquired by Magnetar Financial LLC

Key Points

• Magnetar Financial LLC invested approximately $873,000 in Open Text Corporation (NASDAQ:OTEX), acquiring 34,601 shares during the first quarter of the year.
• Open Text recently announced a dividend increase to **$0.275 per share**, set to be paid on September 19th, representing an annual yield of 3.3%.
• Earned $0.97 EPS in the last quarter, surpassing the consensus estimate of $0.86, despite a 3.8% year-over-year decline in revenue.

Magnetar Financial LLC acquired a new stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC during the first quarter, according to its most recent filing with the SEC. The fund acquired 34,601 shares of the software maker's stock, valued at approximately $873,000.

A number of other hedge funds have also recently made changes to their positions in OTEX. Versant Capital Management Inc bought a new position in shares of Open Text in the first quarter worth approximately $26,000. Parallel Advisors LLC boosted its holdings in 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 in the last quarter. Aquatic Capital Management LLC purchased a new stake in Open Text in the fourth quarter worth about $60,000. Headlands Technologies LLC grew its stake in Open Text by 360.6% in the first quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker's stock worth $73,000 after purchasing an additional 2,261 shares during the period. Finally, Ridgewood Investments LLC grew its position in shares of Open Text by 593.1% in the 1st quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker's stock worth $219,000 after buying an additional 7,414 shares during the period. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Open Text Stock Up 1.3%

Shares of OTEX stock traded up $0.42 during mid-day trading on Thursday, hitting $33.33. The stock had a trading volume of 3,591,372 shares, compared to its average volume of 1,301,958. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $8.48 billion, a P/E ratio of 20.17 and a beta of 1.16. The firm's 50-day moving average is $30.25 and its two-hundred day moving average is $27.98. Open Text Corporation has a 12-month low of $22.79 and a 12-month high of $34.20.

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

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be issued a $0.275 dividend. This is a boost from Open Text's previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Friday, September 5th. Open Text's dividend payout ratio is presently 63.64%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on OTEX shares. Wall Street Zen raised Open Text from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Scotiabank raised their target price on Open Text from $30.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Tuesday, August 12th. CIBC reiterated a "neutral" rating on shares of Open Text in a research report on Monday, August 11th. Royal Bank Of Canada upped their price target on shares of Open Text from $30.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Tuesday. Finally, Barclays restated a "positive" rating on shares of Open Text in a research note on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $33.10.

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.