Mitsubishi UFJ Asset Management Co. Ltd. Lowers Holdings in Open Text Corporation $OTEX

Mitsubishi UFJ Asset Management Co. Ltd. decreased its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 7.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,655 shares of the software maker’s stock after selling 2,184 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Open Text were worth $749,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Cromwell Holdings LLC lifted its stake in shares of Open Text by 27.4% in the second quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock worth $48,000 after buying an additional 352 shares in the last quarter. Headlands Technologies LLC increased its position in shares of Open Text by 360.6% during the first quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker’s stock valued at $73,000 after acquiring an additional 2,261 shares in the last quarter. United Services Automobile Association purchased a new position in Open Text in the 1st quarter worth approximately $213,000. Ridgewood Investments LLC lifted its position in Open Text by 593.1% in the 1st quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker’s stock valued at $219,000 after acquiring an additional 7,414 shares in the last quarter. Finally, Callan Family Office LLC purchased a new stake in Open Text during the 2nd quarter valued at $250,000. 70.37% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

OTEX has been the subject of several recent analyst reports. Zacks Research upgraded Open Text from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. Scotiabank raised Open Text from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $35.00 to $50.00 in a research report on Wednesday, September 24th. Weiss Ratings restated a “hold (c+)” rating on shares of Open Text in a research note on Thursday. Citigroup lifted their price target on shares of Open Text from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Finally, Wall Street Zen upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, Open Text currently has an average rating of “Hold” and a consensus target price of $39.42.

Open Text Trading Down 1.8%

Open Text stock opened at $33.68 on Friday. Open Text Corporation has a 52-week low of $22.79 and a 52-week high of $39.90. The company has a market cap of $8.49 billion, a P/E ratio of 20.41 and a beta of 1.14. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. The business has a 50-day simple moving average of $37.38 and a two-hundred day simple moving average of $32.09.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Wednesday, November 5th. The software maker reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The firm’s revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.93 earnings per share. Analysts predict that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Friday, December 5th. Open Text’s dividend payout ratio (DPR) is currently 57.59%.

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.