Assenagon Asset Management S.A. Purchases 1,926 Shares of Open Text Co. (NASDAQ:OTEX)

Assenagon Asset Management S.A. boosted its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 11.6% during the second quarter, HoldingsChannel reports. The fund owned 18,550 shares of the software maker’s stock after buying an additional 1,926 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Open Text were worth $557,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Optiver Holding B.V. bought a new stake in shares of Open Text in the fourth quarter valued at approximately $27,000. Headlands Technologies LLC bought a new position in shares of Open Text in the first quarter worth $32,000. Assetmark Inc. purchased a new position in shares of Open Text in the fourth quarter valued at $48,000. EverSource Wealth Advisors LLC raised its stake in shares of Open Text by 18.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after purchasing an additional 334 shares during the period. Finally, UniSuper Management Pty Ltd lifted its holdings in Open Text by 105.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 3,900 shares of the software maker’s stock worth $151,000 after purchasing an additional 2,000 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on OTEX. TD Securities reduced their target price on Open Text from $54.00 to $40.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Barclays lowered their target price on shares of Open Text from $38.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Citigroup reduced their price target on shares of Open Text from $37.00 to $32.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Jefferies Financial Group lowered their price objective on Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, Raymond James reduced their target price on Open Text from $55.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $38.60.

Open Text Trading Up 2.3 %

Shares of OTEX stock opened at $32.59 on Friday. The business has a 50-day moving average price of $30.64 and a two-hundred day moving average price of $33.66. Open Text Co. has a 12-month low of $27.50 and a 12-month high of $45.47. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51. The firm has a market cap of $8.80 billion, a P/E ratio of 52.56 and a beta of 1.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the company posted $0.79 EPS. Open Text’s quarterly revenue was down 8.6% compared to the same quarter last year. Equities analysts anticipate that Open Text Co. will post 3.18 EPS for the current fiscal year.

Open Text Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be issued a dividend of $0.192 per share. This represents a $0.77 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Friday, August 30th. Open Text’s dividend payout ratio is currently 169.35%.

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.