Assenagon Asset Management S.A. Acquires 1,049 Shares of Open Text Co. (NASDAQ:OTEX)

Assenagon Asset Management S.A. lifted its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 5.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,921 shares of the software maker’s stock after purchasing an additional 1,049 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Open Text were worth $563,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brandes Investment Partners LP boosted its holdings in Open Text by 236.8% in the second quarter. Brandes Investment Partners LP now owns 1,834,835 shares of the software maker’s stock worth $55,059,000 after acquiring an additional 1,290,011 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Open Text by 25.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker’s stock worth $167,277,000 after purchasing an additional 1,118,479 shares during the last quarter. Toronto Dominion Bank boosted its stake in Open Text by 169.6% in the 3rd quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker’s stock worth $19,173,000 after purchasing an additional 362,422 shares in the last quarter. Crossmark Global Holdings Inc. boosted its stake in Open Text by 1,290.4% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 336,790 shares of the software maker’s stock worth $11,209,000 after purchasing an additional 312,567 shares in the last quarter. Finally, AustralianSuper Pty Ltd purchased a new stake in Open Text during the 3rd quarter valued at about $8,011,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Price Performance

NASDAQ OTEX opened at $28.84 on Friday. The company has a 50-day moving average price of $28.91 and a 200-day moving average price of $30.75. Open Text Co. has a 52 week low of $26.84 and a 52 week high of $45.47. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $7.61 billion, a P/E ratio of 16.67 and a beta of 1.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The firm’s revenue was down 11.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.90 earnings per share. Equities research analysts anticipate that Open Text Co. will post 3.37 earnings per share for the current year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, November 29th were given a dividend of $0.262 per share. The ex-dividend date of this dividend was Friday, November 29th. This is an increase from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 annualized dividend and a yield of 3.63%. Open Text’s payout ratio is 60.69%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OTEX. TD Securities dropped their target price on shares of Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Monday, December 30th. BMO Capital Markets decreased their price objective on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a report on Friday, November 1st. UBS Group assumed coverage on Open Text in a research note on Tuesday, December 17th. They set a “neutral” rating and a $32.00 target price on the stock. Royal Bank of Canada cut Open Text from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $45.00 to $33.00 in a research note on Friday, November 1st. Finally, Citigroup dropped their price objective on Open Text from $33.00 to $30.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Nine analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $35.27.

Open Text Company Profile

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.