Avanza Fonder AB Purchases Shares of 16,453 Open Text Corporation $OTEX

Avanza Fonder AB purchased a new stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 16,453 shares of the software maker’s stock, valued at approximately $480,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tidal Investments LLC lifted its position in shares of Open Text by 38.8% during the fourth quarter. Tidal Investments LLC now owns 18,238 shares of the software maker’s stock worth $516,000 after purchasing an additional 5,100 shares in the last quarter. Two Sigma Investments LP lifted its position in shares of Open Text by 483.2% during the fourth quarter. Two Sigma Investments LP now owns 72,906 shares of the software maker’s stock worth $2,065,000 after purchasing an additional 60,406 shares in the last quarter. Squarepoint Ops LLC acquired a new position in shares of Open Text during the fourth quarter worth $372,000. Public Employees Retirement System of Ohio lifted its position in shares of Open Text by 208.2% during the fourth quarter. Public Employees Retirement System of Ohio now owns 140,726 shares of the software maker’s stock worth $3,985,000 after purchasing an additional 95,058 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Open Text by 31.4% during the fourth quarter. Wellington Management Group LLP now owns 263,239 shares of the software maker’s stock worth $7,446,000 after purchasing an additional 62,934 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Barclays reissued a “positive” rating on shares of Open Text in a research report on Friday, August 8th. Jefferies Financial Group cut shares of Open Text from a “buy” rating to a “hold” rating and set a $33.00 target price on the stock. in a research report on Tuesday, August 12th. National Bankshares raised shares of Open Text from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $34.00 to $45.00 in a research report on Monday, September 15th. National Bank Financial raised shares of Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Monday, September 15th. Finally, Scotiabank upped their price target on shares of Open Text from $30.00 to $35.00 and gave the company a “sector perform” rating in a report on Tuesday, August 12th. Four analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $35.18.

Open Text Stock Up 2.1%

Open Text stock opened at $37.74 on Tuesday. The company has a 50-day simple moving average of $31.92 and a 200-day simple moving average of $28.82. The firm has a market capitalization of $9.55 billion, a P/E ratio of 22.87 and a beta of 1.15. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80. Open Text Corporation has a one year low of $22.79 and a one year high of $38.26.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, August 7th. The software maker reported $0.97 EPS for the quarter, topping the consensus estimate of $0.86 by $0.11. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The company’s quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.98 earnings per share. As a group, equities analysts expect that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were given a dividend of $0.275 per share. This is an increase from Open Text’s previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Friday, September 5th. Open Text’s payout ratio is currently 66.67%.

About Open Text

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.