DekaBank Deutsche Girozentrale Has $3.02 Million Position in Open Text Co. (NASDAQ:OTEX)

DekaBank Deutsche Girozentrale boosted its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 13.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 91,783 shares of the software maker’s stock after buying an additional 10,895 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Open Text were worth $3,023,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Open Text by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock valued at $401,693,000 after purchasing an additional 135,812 shares during the period. Forge First Asset Management Inc. acquired a new position in shares of Open Text in the 1st quarter valued at about $2,305,000. Value Partners Investments Inc. lifted its stake in shares of Open Text by 2.2% in the 3rd quarter. Value Partners Investments Inc. now owns 2,342,166 shares of the software maker’s stock valued at $77,947,000 after purchasing an additional 50,348 shares during the period. Clearbridge Investments LLC lifted its stake in shares of Open Text by 6.9% in the 2nd quarter. Clearbridge Investments LLC now owns 2,954,755 shares of the software maker’s stock valued at $88,754,000 after purchasing an additional 191,271 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Open Text by 3.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 29,585 shares of the software maker’s stock valued at $1,149,000 after purchasing an additional 1,056 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on OTEX shares. National Bankshares downgraded Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective on the stock. in a research note on Friday, August 2nd. Royal Bank of Canada lowered Open Text from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $45.00 to $33.00 in a research report on Friday. National Bank Financial lowered Open Text from an “outperform” rating to a “sector perform” rating in a research report on Friday, August 2nd. Citigroup decreased their target price on Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday. Finally, TD Securities decreased their target price on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Friday. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $35.90.

Open Text Stock Performance

Shares of OTEX opened at $28.98 on Friday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a 50 day moving average price of $32.73 and a two-hundred day moving average price of $31.58. The firm has a market capitalization of $7.70 billion, a P/E ratio of 16.95 and a beta of 1.12. Open Text Co. has a 52 week low of $27.50 and a 52 week high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.05. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. Open Text’s quarterly revenue was down 8.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.79 earnings per share. Equities analysts forecast that Open Text Co. will post 3.23 earnings per share for the current fiscal year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 29th will be issued a $0.262 dividend. The ex-dividend date of this dividend is Friday, November 29th. This is a positive change from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 annualized dividend and a dividend yield of 3.62%. Open Text’s dividend payout ratio is currently 61.40%.

Open Text Company 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.