SEB Asset Management AB Invests $813,000 in Open Text Corporation $OTEX

SEB Asset Management AB purchased a new position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 36,616 shares of the software maker’s stock, valued at approximately $813,000.

Other large investors have also bought and sold shares of the company. Brandes Investment Partners LP boosted its holdings in Open Text by 1.2% in the 4th quarter. Brandes Investment Partners LP now owns 9,106,157 shares of the software maker’s stock valued at $296,679,000 after purchasing an additional 106,766 shares in the last quarter. Value Partners Investments Inc. increased its position in Open Text by 30.0% during the 1st quarter. Value Partners Investments Inc. now owns 2,413,989 shares of the software maker’s stock worth $53,687,000 after purchasing an additional 556,534 shares during the period. Montrusco Bolton Investments Inc. purchased a new position in shares of Open Text during the 4th quarter worth approximately $7,140,000. Munich Reinsurance Co Stock Corp in Munich lifted its holdings in shares of Open Text by 59.0% in the 4th quarter. Munich Reinsurance Co Stock Corp in Munich now owns 427,564 shares of the software maker’s stock valued at $14,121,000 after buying an additional 158,698 shares during the period. Finally, Jupiter Asset Management Ltd. acquired a new stake in shares of Open Text in the 4th quarter valued at approximately $1,974,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Trading Down 3.1%

Shares of Open Text stock opened at $21.52 on Friday. Open Text Corporation has a 1 year low of $19.77 and a 1 year high of $39.90. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94. The business has a 50 day moving average price of $22.65 and a 200 day moving average price of $24.10. The company has a market capitalization of $5.21 billion, a P/E ratio of 10.50 and a beta of 1.04.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.07. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.26 billion. Open Text had a return on equity of 24.77% and a net margin of 9.91%.Open Text’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.82 earnings per share. Sell-side analysts anticipate that Open Text Corporation will post 4.05 EPS for the current fiscal year.

Open Text Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date was Friday, June 5th. Open Text’s dividend payout ratio is 53.66%.

Analyst Upgrades and Downgrades

OTEX has been the topic of a number of recent analyst reports. Citigroup dropped their price objective on Open Text from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. Raymond James Financial decreased their target price on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, May 8th. National Bank Financial lowered their price target on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Barclays raised their price objective on shares of Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. Finally, UBS Group set a $25.00 target price on shares of Open Text in a research report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $33.67.

About Open Text

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.