185,152 Shares in Open Text Corporation $OTEX Bought by Nuveen LLC

Key Points

• Nuveen LLC has acquired a new stake in Open Text Corporation, purchasing 185,152 shares valued at approximately $4.67 million, representing about 0.07% of the company.
• Open Text's quarterly earnings topped expectations, with an earnings per share (EPS) of $0.97, exceeding the consensus estimate of $0.86, although revenue decreased compared to the previous year.
• The company has declared a quarterly dividend increase to $0.275 per share, up from $0.26, reflecting an annualized dividend of $1.10 and a yield of 3.4%.

Nuveen LLC bought a new stake in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 185,152 shares of the software maker's stock, valued at approximately $4,672,000. Nuveen LLC owned about 0.07% of Open Text as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the stock. Versant Capital Management Inc bought a new position in Open Text in the first quarter valued at approximately $26,000. Parallel Advisors LLC boosted its stake in shares of 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 acquiring an additional 1,331 shares during the period. Stifel Financial Corp boosted its stake in shares of Open Text by 2.2% during the 4th quarter. Stifel Financial Corp now owns 68,511 shares of the software maker's stock worth $1,940,000 after acquiring an additional 1,453 shares during the period. Alps Advisors Inc. boosted its stake in shares of Open Text by 5.8% during the 1st quarter. Alps Advisors Inc. now owns 33,109 shares of the software maker's stock worth $836,000 after acquiring an additional 1,807 shares during the period. Finally, Aquatic Capital Management LLC bought a new position in shares of Open Text during the 4th quarter worth approximately $60,000. 70.37% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. UBS Group reduced their target price on Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. CIBC reiterated a "neutral" rating on shares of Open Text in a research note on Monday, August 11th. Wall Street Zen upgraded Open Text from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. BMO Capital Markets reduced their price target on Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a research note on Friday, May 2nd. Finally, Citigroup boosted their price target on Open Text from $29.00 to $43.00 and gave the company a "negative" rating in a research note on Friday, May 2nd. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $32.60.

Open Text Price Performance

NASDAQ OTEX traded up $0.10 during midday trading on Friday, hitting $33.07. The company had a trading volume of 1,489,881 shares, compared to its average volume of 1,617,021. The firm has a 50-day moving average price of $29.97 and a 200-day moving average price of $27.89. Open Text Corporation has a twelve month low of $22.79 and a twelve month high of $34.20. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61. The company has a market capitalization of $8.41 billion, a PE ratio of 20.04 and a beta of 1.12.

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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.11. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter last year, the business posted $0.98 EPS. The firm's revenue for the quarter was down 3.8% on a year-over-year basis. As a group, analysts anticipate that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be issued a dividend of $0.275 per share. 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 3.3%. Open Text's payout ratio is presently 63.64%.

Open Text Profile

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.