Forsta AP Fonden Reduces Position in Open Text Corporation $OTEX

Forsta AP Fonden decreased its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 18.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 156,800 shares of the software maker’s stock after selling 34,400 shares during the period. Forsta AP Fonden owned about 0.06% of Open Text worth $4,572,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cromwell Holdings LLC grew its holdings in Open Text by 27.4% in the 2nd quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock worth $48,000 after acquiring an additional 352 shares during the last quarter. Oppenheimer Asset Management Inc. grew its stake in shares of Open Text by 2.9% in the second quarter. Oppenheimer Asset Management Inc. now owns 13,174 shares of the software maker’s stock worth $385,000 after purchasing an additional 370 shares during the last quarter. Vident Advisory LLC increased its holdings in Open Text by 6.6% during the 1st quarter. Vident Advisory LLC now owns 11,681 shares of the software maker’s stock valued at $295,000 after purchasing an additional 722 shares during the period. Metis Global Partners LLC lifted its holdings in Open Text by 8.3% in the 2nd quarter. Metis Global Partners LLC now owns 13,260 shares of the software maker’s stock worth $387,000 after buying an additional 1,013 shares during the period. Finally, Vest Financial LLC grew its position in shares of Open Text by 8.2% in the 2nd quarter. Vest Financial LLC now owns 13,769 shares of the software maker’s stock worth $402,000 after buying an additional 1,045 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

OTEX has been the topic of several recent analyst reports. National Bankshares set a $45.00 price target on shares of Open Text and gave the company an “outperform” rating in a report on Thursday, October 23rd. Barclays boosted their price target on shares of Open Text from $33.00 to $39.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 21st. TD Securities lowered shares of Open Text from a “buy” rating to a “hold” rating and raised their price objective for the stock from $35.00 to $40.00 in a report on Friday, October 3rd. Scotiabank upgraded Open Text from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $35.00 to $50.00 in a report on Wednesday, September 24th. Finally, CIBC raised their target price on Open Text from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $39.42.

Open Text Stock Performance

Shares of OTEX opened at $33.68 on Friday. Open Text Corporation has a 52 week low of $22.79 and a 52 week high of $39.90. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. The stock has a market cap of $8.49 billion, a P/E ratio of 20.41 and a beta of 1.14. The business’s 50 day moving average price is $37.38 and its 200-day moving average price is $32.09.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Wednesday, November 5th. The software maker reported $1.05 EPS for the quarter, topping the consensus estimate of $1.00 by $0.05. The business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.93 earnings per share. Equities research analysts anticipate that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be issued a dividend of $0.275 per share. The ex-dividend date is Friday, December 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.3%. Open Text’s dividend payout ratio is presently 57.59%.

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.