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

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

Several other institutional investors have also made changes to their positions in the business. Goldman Sachs Group Inc. raised its position in Open Text by 75.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker’s stock worth $36,307,000 after purchasing an additional 619,527 shares in the last quarter. United Services Automobile Association acquired a new stake in shares of Open Text in the 1st quarter valued at $213,000. EverSource Wealth Advisors LLC boosted its stake in shares of Open Text by 39.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after purchasing an additional 570 shares in the last quarter. Cerity Partners LLC increased its position in shares of Open Text by 3.4% during the 2nd quarter. Cerity Partners LLC now owns 49,003 shares of the software maker’s stock worth $1,431,000 after purchasing an additional 1,612 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its holdings in Open Text by 16.8% during the 2nd quarter. Qube Research & Technologies Ltd now owns 46,500 shares of the software maker’s stock valued at $1,360,000 after purchasing an additional 6,700 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Price Performance

Shares of OTEX 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 firm’s 50 day moving average is $22.65 and its 200-day moving average is $24.10. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of 10.50 and a beta of 1.04. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.56.

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

Open Text Dividend Announcement

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

Analyst Upgrades and Downgrades

OTEX has been the topic of several research analyst reports. Scotiabank decreased their price objective on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 8th. UBS Group set a $25.00 price target on Open Text in a research report on Friday, May 8th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Open Text in a report on Wednesday, June 24th. Citigroup cut their price objective on Open Text from $26.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday, May 8th. Finally, Raymond James Financial reduced their price objective on Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. Four research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $33.67.

Open Text Company Profile

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.