Mitsubishi UFJ Asset Management Co. Ltd. Has $703,000 Stock Holdings in Open Text Corporation (NASDAQ:OTEX)

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 63.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 27,839 shares of the software maker's stock after buying an additional 10,844 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in Open Text were worth $703,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the business. Versant Capital Management Inc acquired a new position in Open Text in the first quarter worth about $26,000. Parallel Advisors LLC increased 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 buying an additional 1,331 shares in the last quarter. Stifel Financial Corp increased its holdings in shares of Open Text by 2.2% during the fourth quarter. Stifel Financial Corp now owns 68,511 shares of the software maker's stock worth $1,940,000 after buying an additional 1,453 shares in the last quarter. LPL Financial LLC increased its holdings in shares of Open Text by 8.7% during the fourth quarter. LPL Financial LLC now owns 18,509 shares of the software maker's stock worth $524,000 after buying an additional 1,479 shares in the last quarter. Finally, Alps Advisors Inc. increased its holdings in shares of Open Text by 5.8% during the first quarter. Alps Advisors Inc. now owns 33,109 shares of the software maker's stock worth $836,000 after buying an additional 1,807 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.

Open Text Trading Up 2.1%

OTEX stock traded up $0.65 during midday trading on Friday, reaching $31.69. The company's stock had a trading volume of 1,678,254 shares, compared to its average volume of 1,436,635. Open Text Corporation has a 52 week low of $22.79 and a 52 week high of $34.20. The stock has a market cap of $8.06 billion, a PE ratio of 19.21 and a beta of 1.12. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. The business's 50-day simple moving average is $29.19 and its 200-day simple moving average is $27.66.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings data on Thursday, August 7th. The software maker reported $0.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.11. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The firm had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.30 billion. During the same period last year, the firm earned $0.98 earnings per share. The business's revenue for the quarter was down 3.8% on a year-over-year basis. As a group, sell-side analysts expect that Open Text Corporation will post 3.45 EPS for the current 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 represents a $1.10 annualized dividend and a yield of 3.5%. This is a boost from Open Text's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. Open Text's dividend payout ratio (DPR) is 63.64%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on OTEX shares. BMO Capital Markets dropped their price objective on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a report on Friday, May 2nd. CIBC reaffirmed a "neutral" rating on shares of Open Text in a report on Monday, August 11th. Barclays reissued a "positive" rating on shares of Open Text in a research note on Friday, August 8th. Scotiabank increased their price target on shares of Open Text from $30.00 to $35.00 and gave the company a "sector perform" rating in a research note on Tuesday. Finally, Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $32.60.

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.