Thornburg Investment Management Inc. Acquires 7,471 Shares of Open Text Corporation (NASDAQ:OTEX)

Thornburg Investment Management Inc. raised its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 4.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 179,337 shares of the software maker’s stock after acquiring an additional 7,471 shares during the quarter. Thornburg Investment Management Inc. owned about 0.07% of Open Text worth $4,530,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Versant Capital Management Inc purchased a new position in shares of Open Text in the first quarter valued at $26,000. Parallel Advisors LLC grew its holdings in Open Text by 219.3% during the 1st quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker’s stock valued at $49,000 after buying an additional 1,331 shares in the last quarter. Aquatic Capital Management LLC bought a new stake in shares of Open Text during the fourth quarter valued at about $60,000. Natixis lifted its holdings in shares of Open Text by 1,075.1% in the fourth quarter. Natixis now owns 3,161 shares of the software maker’s stock worth $90,000 after buying an additional 2,892 shares in the last quarter. Finally, CIBC Private Wealth Group LLC bought a new position in shares of Open Text in the fourth quarter valued at approximately $105,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

NASDAQ OTEX opened at $30.27 on Wednesday. The company has a 50-day simple moving average of $28.78 and a two-hundred day simple moving average of $27.54. Open Text Corporation has a 12-month low of $22.79 and a 12-month high of $34.20. The firm has a market cap of $7.76 billion, a price-to-earnings ratio of 12.36 and a beta of 1.13. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.54.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.01. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.28 billion. Open Text had a return on equity of 22.49% and a net margin of 12.55%. Open Text’s revenue for the quarter was down 13.3% compared to the same quarter last year. During the same period last year, the company earned $0.94 EPS. On average, equities analysts forecast that Open Text Corporation will post 3.45 EPS for the current year.

Analysts Set New Price Targets

OTEX has been the topic of a number of analyst reports. Wall Street Zen raised shares of Open Text from a “hold” rating to a “buy” rating in a report on Tuesday, May 13th. National Bankshares lowered their price objective on Open Text from $38.00 to $34.00 and set a “sector perform” rating on the stock in a research report on Friday, April 25th. Barclays reduced their target price on Open Text from $36.00 to $29.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. Citigroup raised their price target on Open Text from $29.00 to $43.00 and gave the company a “negative” rating in a report on Friday, May 2nd. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Open Text in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $32.30.

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.