99,401 Shares in Open Text Corporation $OTEX Purchased by Man Group plc

Man Group plc bought a new position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 99,401 shares of the software maker’s stock, valued at approximately $2,199,000.

A number of other large investors have also recently modified their holdings of OTEX. FIL Ltd raised its position in Open Text by 5.7% during the fourth quarter. FIL Ltd now owns 12,155,000 shares of the software maker’s stock valued at $395,853,000 after purchasing an additional 655,000 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in Open Text during the second quarter worth $266,599,000. First Trust Advisors LP lifted its stake in Open Text by 27.3% in the fourth quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker’s stock valued at $374,394,000 after acquiring an additional 2,466,264 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Open Text by 11.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 10,734,420 shares of the software maker’s stock valued at $349,978,000 after acquiring an additional 1,122,320 shares during the period. Finally, Royal Bank of Canada increased its stake in shares of Open Text by 10.9% during the 1st quarter. Royal Bank of Canada now owns 9,843,494 shares of the software maker’s stock worth $218,920,000 after purchasing an additional 965,385 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Citigroup raised their target price on shares of Open Text from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Zacks Research lowered Open Text from a “hold” rating to a “strong sell” rating in a research note on Friday, August 21st. UBS Group lifted their target price on Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Raymond James Financial lowered Open Text from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $35.00 to $29.50 in a report on Thursday, August 6th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Open Text in a research note on Wednesday, June 24th. Three equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Open Text has an average rating of “Hold” and a consensus price target of $32.46.

Open Text Stock Down 4.4%

Open Text stock opened at $23.84 on Wednesday. The company’s 50-day moving average price is $23.80 and its two-hundred day moving average price is $23.35. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.43. The stock has a market cap of $5.77 billion, a P/E ratio of 9.24 and a beta of 1.02. Open Text Corporation has a twelve month low of $19.77 and a twelve month high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.21. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The business’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.97 earnings per share. As a group, analysts expect that Open Text Corporation will post 3.72 EPS for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.12 dividend on an annualized basis and a yield of 4.7%. This is a positive change from Open Text’s previous quarterly dividend of $0.28. Open Text’s payout ratio is currently 42.64%.

Open Text Profile

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.