Sei Investments Co. Acquires 82,049 Shares of Open Text Corporation $OTEX

Key Points

• Sei Investments increased its Open Text holdings by 47.3% in the first quarter, adding 82,049 shares for a total of 255,601 shares valued at approximately $5.7 million. Institutional investors collectively own 70.37% of the company.
• Open Text exceeded quarterly expectations, reporting $1.01 in EPS versus the $0.94 consensus and revenue of $1.28 billion versus $1.26 billion expected. Revenue grew 2.2% year over year.
• Analyst sentiment remains mixed, with four Buy ratings and ten Holds; the stock carries a consensus Hold rating and an average price target of $33.67.

Sei Investments Co. raised its holdings in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 47.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 255,601 shares of the software maker's stock after purchasing an additional 82,049 shares during the period. Sei Investments Co. owned 0.11% of Open Text worth $5,684,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of OTEX. Norges Bank purchased a new stake in shares of Open Text in the 4th quarter worth approximately $106,700,000. First Trust Advisors LP increased its holdings in Open Text by 27.3% during the fourth quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker's stock valued at $374,394,000 after buying an additional 2,466,264 shares during the period. Morgan Stanley raised its stake in Open Text by 76.8% in the fourth quarter. Morgan Stanley now owns 2,884,381 shares of the software maker's stock worth $93,973,000 after buying an additional 1,253,405 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Open Text by 11.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 10,734,420 shares of the software maker's stock worth $349,978,000 after buying an additional 1,122,320 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Open Text by 48.9% during the third quarter. Dimensional Fund Advisors LP now owns 2,592,578 shares of the software maker's stock worth $96,914,000 after buying an additional 851,303 shares during the period. Institutional investors own 70.37% of the company's stock.

Open Text Stock Performance

Shares of OTEX stock opened at $26.42 on Wednesday. Open Text Corporation has a 12-month low of $19.77 and a 12-month high of $39.90. The business's fifty day simple moving average is $22.93 and its 200-day simple moving average is $23.67. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.56. The company has a market cap of $6.40 billion, a PE ratio of 12.89 and a beta of 1.03.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on OTEX shares. Citigroup cut their price target on Open Text from $26.00 to $25.00 and set a "neutral" rating on the stock in a report on Friday, May 8th. Scotia decreased their price objective 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. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Open Text in a research report on Wednesday, June 24th. UBS Group set a $25.00 target price on Open Text in a research note on Friday, May 8th. Finally, Raymond James Financial decreased their price target on shares of Open Text from $42.00 to $35.00 and set an "outperform" rating for the company in a research report on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $33.67.

About Open Text

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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