MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Purchases New Shares in Open Text Corporation (NASDAQ:OTEX)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new position in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 140,185 shares of the software maker's stock, valued at approximately $3,538,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH owned about 0.05% of Open Text at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Versant Capital Management Inc bought a new position in Open Text in the 1st quarter valued at approximately $26,000. IFP Advisors Inc increased its position in Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after acquiring an additional 515 shares during the period. Blue Trust Inc. raised its stake in shares of Open Text by 40.8% during the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock valued at $39,000 after acquiring an additional 398 shares during the last quarter. Parallel Advisors LLC lifted its holdings in shares of Open Text by 219.3% during the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock worth $49,000 after purchasing an additional 1,331 shares during the period. Finally, Aquatic Capital Management LLC bought a new stake in shares of Open Text in the fourth quarter worth $60,000. Institutional investors and hedge funds own 70.37% of the company's stock.

Analysts Set New Price Targets

OTEX has been the topic of several recent research reports. BMO Capital Markets cut 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. Royal Bank Of Canada cut their price objective on Open Text from $31.00 to $30.00 and set a "sector perform" rating on the stock in a research note on Tuesday, April 22nd. Scotiabank reduced their target price on Open Text from $35.00 to $30.00 and set a "sector perform" rating on the stock in a report on Monday, April 28th. 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 report on Friday, May 2nd. Finally, Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $32.30.

Open Text Stock Up 0.1%

Shares of NASDAQ OTEX traded up $0.04 during trading on Wednesday, hitting $28.32. 844,518 shares of the company traded hands, compared to its average volume of 1,265,846. The firm has a market capitalization of $7.33 billion, a price-to-earnings ratio of 11.56 and a beta of 1.13. The business's fifty day moving average is $27.27 and its 200 day moving average is $27.50. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.86 and a current ratio of 0.86. Open Text Corporation has a fifty-two week low of $22.79 and a fifty-two week high of $34.20.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, topping 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 business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the business earned $0.94 EPS. The firm's revenue for the quarter was down 13.3% on a year-over-year basis. Equities research analysts predict that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be issued a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date of this dividend is Friday, June 6th. Open Text's dividend payout ratio is currently 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.