Deutsche Bank AG Purchases 30,754 Shares of Open Text Corporation (NASDAQ:OTEX)

Key Points

• Deutsche Bank AG increased its stake in Open Text Corporation by 3.5%, acquiring an additional 30,754 shares, bringing its total shareholding to 903,345 shares valued at approximately $22.8 million.
• Open Text recently declared a quarterly dividend of $0.275 per share, an increase from its previous dividend, which reflects a yield of 3.6% based on annualized payouts.
• Analyst ratings for Open Text show mixed sentiments, with one firm downgrading their rating while others have raised their price targets, resulting in an average target price of $32.60 per share.

Deutsche Bank AG raised its stake in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 3.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 903,345 shares of the software maker's stock after acquiring an additional 30,754 shares during the quarter. Deutsche Bank AG owned approximately 0.35% of Open Text worth $22,818,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. JARISLOWSKY FRASER Ltd lifted its stake in shares of Open Text by 11.8% during the 4th quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker's stock valued at $522,879,000 after buying an additional 1,957,695 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Open Text by 6.1% during the 1st quarter. Vanguard Group Inc. now owns 11,151,279 shares of the software maker's stock worth $281,447,000 after acquiring an additional 639,514 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Open Text by 9.5% during the 4th quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker's stock valued at $205,925,000 after purchasing an additional 632,437 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Open Text by 9.2% during the 1st quarter. Mackenzie Financial Corp now owns 5,876,003 shares of the software maker's stock valued at $148,299,000 after purchasing an additional 492,897 shares during the last quarter. Finally, Turtle Creek Asset Management Inc. boosted its position in Open Text by 2.1% during the 4th quarter. Turtle Creek Asset Management Inc. now owns 5,366,703 shares of the software maker's stock valued at $151,985,000 after buying an additional 109,550 shares during the period. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on OTEX shares. Barclays reaffirmed a "positive" rating on shares of Open Text in a research report on Friday, August 8th. Scotiabank lifted 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 report on Tuesday. CIBC reissued a "neutral" rating on shares of Open Text in a research report on Monday, August 11th. National Bankshares reduced their price objective on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a research note on Friday, April 25th. Finally, Royal Bank Of Canada reduced their price objective on shares of Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $32.60.

Open Text Price Performance

OTEX traded up $0.65 during trading hours on Friday, hitting $31.69. The company's stock had a trading volume of 1,678,254 shares, compared to its average volume of 1,436,635. The business's 50-day moving average price is $29.19 and its 200-day moving average price is $27.66. Open Text Corporation has a 12 month low of $22.79 and a 12 month high of $34.20. The stock has a market cap of $8.06 billion, a price-to-earnings ratio of 19.21 and a beta of 1.12. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61.

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. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The company had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.30 billion. During the same quarter in the previous year, the business posted $0.98 earnings per share. Open Text's quarterly revenue was down 3.8% on a year-over-year basis. Sell-side analysts expect that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

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

Open Text Company 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.