Open Text Corporation $OTEX Shares Sold by Munich Reinsurance Co Stock Corp in Munich

Munich Reinsurance Co Stock Corp in Munich reduced its stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 90.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 39,446 shares of the software maker's stock after selling 388,118 shares during the quarter. Munich Reinsurance Co Stock Corp in Munich's holdings in Open Text were worth $876,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. CIBC Private Wealth Group LLC acquired a new position in Open Text during the 3rd quarter valued at about $33,000. WealthCollab LLC lifted its stake in shares of Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker's stock worth $48,000 after acquiring an additional 464 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in shares of Open Text by 5,096.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker's stock worth $52,000 after acquiring an additional 1,580 shares during the period. Osaic Holdings Inc. boosted its holdings in shares of Open Text by 108.8% in the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker's stock valued at $52,000 after acquiring an additional 937 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Open Text by 39.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker's stock valued at $59,000 after acquiring an additional 570 shares during the period. Institutional investors and hedge funds own 70.37% of the company's stock.

Open Text Price Performance

NASDAQ OTEX opened at $22.97 on Friday. Open Text Corporation has a 1 year low of $19.77 and a 1 year high of $39.90. The business's fifty day moving average is $22.75 and its two-hundred day moving average is $24.82. The stock has a market capitalization of $5.57 billion, a P/E ratio of 11.20 and a beta of 1.04. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.94 and a current ratio of 0.94.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.94 by $0.07. The business had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.26 billion. Open Text had a return on equity of 24.77% and a net margin of 9.91%.The company's quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.82 EPS. On average, research analysts forecast that Open Text Corporation will post 4.05 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, June 5th were paid a $0.275 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a yield of 4.8%. Open Text's dividend payout ratio (DPR) is currently 53.66%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on OTEX shares. Scotia dropped their target price on Open Text from $50.00 to $40.00 and set a "sector outperform" rating on the stock in a report on Friday, May 8th. Barclays increased their price target on Open Text from $25.00 to $27.00 and gave the company an "equal weight" rating in a research note on Monday, May 11th. Weiss Ratings reissued a "hold (c-)" rating on shares of Open Text in a research note on Wednesday, June 24th. Citigroup cut their price objective on Open Text from $26.00 to $25.00 and set a "neutral" rating for the company in a report on Friday, May 8th. Finally, Scotiabank decreased their target price on Open Text from $50.00 to $40.00 and set a "sector outperform" rating for the company in a research note on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $33.67.

Open Text Company Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company's platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text's product suite includes content services, business process management, customer experience management, analytics and security products.

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