Open Text Corporation $OTEX Shares Sold by Amundi

Key Points

• Amundi has decreased its holdings in Open Text Corporation by 11.6%, selling 60,975 shares and holding approximately 465,434 shares at the end of the most recent quarter.
• Open Text reported quarterly earnings of $0.97 per share, exceeding analyst estimates, despite a 3.8% decline in revenue year-over-year.
• The company announced a quarterly dividend increase to $0.275 per share, reflecting a 3.2% yield and representing a rise from the previous dividend of $0.26.

Amundi lessened its stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 11.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 465,434 shares of the software maker's stock after selling 60,975 shares during the quarter. Amundi owned about 0.18% of Open Text worth $11,566,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of OTEX. Versant Capital Management Inc acquired a new stake in shares of Open Text during the first quarter worth $26,000. Parallel Advisors LLC boosted 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 last quarter. Headlands Technologies LLC boosted its holdings in shares of Open Text by 360.6% during the first quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker's stock worth $73,000 after purchasing an additional 2,261 shares during the last quarter. Ridgewood Investments LLC boosted its holdings in shares of Open Text by 593.1% during the first quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker's stock worth $219,000 after purchasing an additional 7,414 shares during the last quarter. Finally, NBC Securities Inc. boosted its holdings in shares of Open Text by 143,737.5% during the first quarter. NBC Securities Inc. now owns 11,507 shares of the software maker's stock worth $290,000 after purchasing an additional 11,499 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.

Open Text Stock Up 5.5%

Shares of NASDAQ OTEX traded up $1.98 during midday trading on Monday, reaching $37.66. 2,402,486 shares of the company's stock were exchanged, compared to its average volume of 1,683,516. Open Text Corporation has a 52-week low of $22.79 and a 52-week high of $38.08. The stock has a market capitalization of $9.58 billion, a PE ratio of 22.82 and a beta of 1.15. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80. The business's fifty day moving average price is $31.10 and its two-hundred day moving average price is $28.43.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its earnings results on Thursday, August 7th. The software maker reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.86 by $0.11. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The company's revenue for the quarter was down 3.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.98 earnings per share. Analysts forecast that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be paid a $0.275 dividend. The ex-dividend date is Friday, September 5th. This is an increase from Open Text's previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a yield of 2.9%. Open Text's payout ratio is presently 66.67%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. National Bank Financial upgraded Open Text from a "sector perform" rating to an "outperform" rating and set a $45.00 price objective on the stock in a report on Monday. Scotiabank raised their price objective on Open Text from $30.00 to $35.00 and gave the stock a "sector perform" rating in a report on Tuesday, August 12th. Royal Bank Of Canada increased their target price on Open Text from $30.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Tuesday, September 2nd. CIBC reaffirmed a "neutral" rating on shares of Open Text in a research report on Monday, August 11th. Finally, Jefferies Financial Group lowered Open Text from a "buy" rating to a "hold" rating and set a $33.00 target price on the stock. in a research report on Tuesday, August 12th. Four research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $35.18.

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.