Neuberger Berman Group LLC Has $6.23 Million Stake in Open Text Corporation $OTEX

Key Points

• Neuberger Berman Group LLC reduced its stake in Open Text Corporation by 13.3%, selling 38,036 shares, leaving them with 246,981 shares valued at $6,233,000.
• Open Text announced a quarterly dividend increase to $0.275 per share, which reflects an annualized yield of 3.5% and will be paid on September 19th.
• Several analysts have adjusted their price targets for Open Text, with Scotiabank raising it to $35.00, while others like Jefferies now hold a target of $33.00.

Neuberger Berman Group LLC decreased its position in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 13.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 246,981 shares of the software maker's stock after selling 38,036 shares during the quarter. Neuberger Berman Group LLC owned 0.10% of Open Text worth $6,233,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Versant Capital Management Inc bought a new stake in shares of Open Text during the first quarter valued at approximately $26,000. Parallel Advisors LLC grew its position in Open Text by 219.3% during the 1st 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. Aquatic Capital Management LLC acquired a new stake in Open Text during the 4th quarter worth about $60,000. Headlands Technologies LLC boosted its stake in shares of Open Text by 360.6% during the 1st quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker's stock worth $73,000 after acquiring an additional 2,261 shares in the last quarter. Finally, Natixis lifted its stake in Open Text by 1,075.1% in the 4th quarter. Natixis now owns 3,161 shares of the software maker's stock valued at $90,000 after buying an additional 2,892 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Open Text Price Performance

Shares of OTEX traded down $0.3250 during mid-day trading on Tuesday, hitting $31.3950. The company's stock had a trading volume of 569,400 shares, compared to its average volume of 1,273,949. The firm has a 50-day moving average price of $29.27 and a 200 day moving average price of $27.66. The stock has a market capitalization of $7.98 billion, a price-to-earnings ratio of 18.99 and a beta of 1.12. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.80 and a quick ratio of 0.80. 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 Thursday, August 7th. The software maker reported $0.97 EPS for the quarter, topping the consensus estimate of $0.86 by $0.11. The business 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 firm's quarterly revenue was down 3.8% compared to the same quarter last year. During the same period last year, the company posted $0.98 earnings per share. On average, research analysts predict that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be paid a $0.275 dividend. This is a boost from Open Text's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.10 annualized dividend and a dividend yield of 3.5%. Open Text's payout ratio is 63.64%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. BMO Capital Markets cut their price target 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. National Bankshares reduced their price target on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a research report on Friday, April 25th. CIBC restated a "neutral" rating on shares of Open Text in a research note on Monday, August 11th. Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Jefferies Financial Group downgraded shares of Open Text from a "buy" rating to a "hold" rating and set a $33.00 price objective on the stock. in a research note on Tuesday, August 12th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Open Text presently has an average rating of "Hold" and an average price target 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.