Open Text Corporation $OTEX Shares Sold by Mangrove Partners IM LLC

Mangrove Partners IM LLC lessened its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 5.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 993,199 shares of the software maker’s stock after selling 58,962 shares during the period. Open Text comprises 2.6% of Mangrove Partners IM LLC’s portfolio, making the stock its 16th largest holding. Mangrove Partners IM LLC owned approximately 0.40% of Open Text worth $32,352,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Picton Mahoney Asset Management acquired a new position in shares of Open Text in the third quarter valued at approximately $11,668,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Open Text by 456.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,312,755 shares of the software maker’s stock valued at $86,429,000 after buying an additional 1,896,755 shares during the last quarter. Munich Reinsurance Co Stock Corp in Munich acquired a new position in shares of Open Text in the third quarter valued at approximately $10,052,000. Public Sector Pension Investment Board raised its position in shares of Open Text by 257.3% in the third quarter. Public Sector Pension Investment Board now owns 89,452 shares of the software maker’s stock valued at $3,344,000 after buying an additional 64,416 shares during the last quarter. Finally, TD Asset Management Inc raised its position in shares of Open Text by 11.3% in the third quarter. TD Asset Management Inc now owns 2,147,997 shares of the software maker’s stock valued at $80,307,000 after buying an additional 217,545 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Trading Up 0.3%

Shares of OTEX stock opened at $22.13 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.56. Open Text Corporation has a fifty-two week low of $20.00 and a fifty-two week high of $39.90. The firm’s 50 day moving average price is $22.93 and its two-hundred day moving average price is $26.20. The stock has a market cap of $5.37 billion, a price-to-earnings ratio of 10.80 and a beta of 1.05.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.07. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.26 billion. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 earnings per share. On average, analysts anticipate that Open Text Corporation will post 4.05 EPS for the current year.

Open Text Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend is Friday, June 5th. Open Text’s dividend payout ratio is 53.66%.

Analysts Set New Price Targets

Several brokerages recently commented on OTEX. Scotiabank dropped their price target on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research report on Friday, May 8th. Wall Street Zen raised shares of Open Text from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Barclays upped their price objective on Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th. National Bank Financial reduced their target price on Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Finally, Raymond James Financial lowered their price target on 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 analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, Open Text has an average rating of “Hold” and a consensus price target 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.