Open Text Corporation $OTEX Shares Sold by APG Asset Management N.V.

Key Points

• APG Asset Management N.V. has reduced its stake in Open Text Corporation by 5.6%, now holding 149,053 shares valued at approximately $3.48 million.
• The company reported earnings of $0.97 per share for the last quarter, exceeding estimates, while its quarterly revenue was down 3.8% year-over-year.
• Open Text has announced an increase in its quarterly dividend to $0.275 per share, reflecting a 3.4% yield for shareholders.

APG Asset Management N.V. trimmed its position in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 5.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 149,053 shares of the software maker's stock after selling 8,846 shares during the quarter. APG Asset Management N.V. owned approximately 0.06% of Open Text worth $3,482,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Parallel Advisors LLC increased its holdings in shares of Open Text by 219.3% in the 1st quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock valued at $49,000 after acquiring an additional 1,331 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Open Text by 12.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 187,565 shares of the software maker's stock worth $4,735,000 after buying an additional 21,089 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in Open Text during the 1st quarter worth $323,000. Korea Investment CORP grew its stake in Open Text by 107.7% during the 1st quarter. Korea Investment CORP now owns 188,444 shares of the software maker's stock worth $4,755,000 after buying an additional 97,700 shares during the last quarter. Finally, Two Sigma Investments LP grew its stake in Open Text by 483.2% during the 4th quarter. Two Sigma Investments LP now owns 72,906 shares of the software maker's stock worth $2,065,000 after buying an additional 60,406 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

Open Text Stock Performance

OTEX stock traded up $0.10 during trading on Friday, reaching $33.07. 1,489,881 shares of the company's stock were exchanged, compared to its average volume of 1,617,021. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. Open Text Corporation has a 1-year low of $22.79 and a 1-year high of $34.20. The company's fifty day moving average price is $29.97 and its 200-day moving average price is $27.89. The firm has a market cap 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 announced its quarterly 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 company had revenue of $1.32 billion during 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 firm's quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.98 EPS. On average, research analysts expect that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.3%. This is a positive change from Open Text's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. Open Text's payout ratio is currently 63.64%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on OTEX shares. Scotiabank upped their price objective on Open Text from $30.00 to $35.00 and gave the stock a "sector perform" rating in a research note on Tuesday, August 12th. UBS Group lowered their price objective 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. Jefferies Financial Group downgraded Open Text from a "buy" rating to a "hold" rating and set a $33.00 price objective for the company. in a research note on Tuesday, August 12th. BMO Capital Markets lowered their price objective 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, CIBC restated a "neutral" rating on shares of Open Text in a research note on Monday, August 11th. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $32.60.

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.