Open Text Corporation $OTEX Shares Acquired by Allianz Asset Management GmbH

Allianz Asset Management GmbH grew its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 254.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 86,820 shares of the software maker’s stock after purchasing an additional 62,306 shares during the period. Allianz Asset Management GmbH’s holdings in Open Text were worth $2,532,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in Open Text by 6.1% during the first quarter. Vanguard Group Inc. now owns 11,151,279 shares of the software maker’s stock valued at $281,447,000 after buying an additional 639,514 shares during the period. Mackenzie Financial Corp increased its position in Open Text by 9.2% in the 1st quarter. Mackenzie Financial Corp now owns 5,876,003 shares of the software maker’s stock worth $148,299,000 after purchasing an additional 492,897 shares during the last quarter. Letko Brosseau & Associates Inc. increased its position in Open Text by 11.8% in the 1st quarter. Letko Brosseau & Associates Inc. now owns 4,860,805 shares of the software maker’s stock worth $122,664,000 after purchasing an additional 512,050 shares during the last quarter. Value Partners Investments Inc. increased its position in Open Text by 9.8% in the 2nd quarter. Value Partners Investments Inc. now owns 2,561,601 shares of the software maker’s stock worth $74,709,000 after purchasing an additional 228,062 shares during the last quarter. Finally, 1832 Asset Management L.P. increased its position in Open Text by 0.3% in the 1st quarter. 1832 Asset Management L.P. now owns 2,365,600 shares of the software maker’s stock worth $59,755,000 after purchasing an additional 6,921 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Price Performance

Shares of NASDAQ:OTEX opened at $39.35 on Friday. Open Text Corporation has a 1-year low of $22.79 and a 1-year high of $39.90. The firm has a market capitalization of $9.91 billion, a PE ratio of 23.85 and a beta of 1.17. The business’s 50 day moving average is $36.16 and its 200-day moving average is $30.90. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61.

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

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were paid a $0.275 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.10 annualized dividend and a yield of 2.8%. This is a positive change from Open Text’s previous quarterly dividend of $0.26. Open Text’s payout ratio is presently 66.67%.

Analyst Ratings Changes

A number of brokerages recently weighed in on OTEX. National Bank Financial raised Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research note on Monday, September 15th. CIBC reissued a “neutral” rating on shares of Open Text in a research note on Monday, August 11th. Jefferies Financial Group lowered Open Text from a “buy” rating to a “hold” rating and set a $33.00 target price on the stock. in a report on Tuesday, August 12th. Scotiabank raised Open Text from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $35.00 to $50.00 in a report on Wednesday, September 24th. Finally, TD Cowen reaffirmed a “hold” rating and issued a $40.00 target price on shares of Open Text in a report on Friday, October 3rd. Three analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $38.08.

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.