Open Text Corporation $OTEX Stock Position Lowered by Munich Reinsurance Co Stock Corp in Munich

Munich Reinsurance Co Stock Corp in Munich decreased its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 90.8% in the first quarter, HoldingsChannel reports. The firm owned 39,446 shares of the software maker’s stock after selling 388,118 shares during the period. Munich Reinsurance Co Stock Corp in Munich’s holdings in Open Text were worth $876,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FIL Ltd raised its stake in Open Text by 5.7% during the 4th quarter. FIL Ltd now owns 12,155,000 shares of the software maker’s stock valued at $395,853,000 after purchasing an additional 655,000 shares during the period. First Trust Advisors LP boosted its position in shares of Open Text by 27.3% in the fourth quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker’s stock worth $374,394,000 after buying an additional 2,466,264 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Open Text by 11.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 10,734,420 shares of the software maker’s stock valued at $349,978,000 after buying an additional 1,122,320 shares in the last quarter. Brandes Investment Partners LP raised its position in Open Text by 1.2% during the fourth quarter. Brandes Investment Partners LP now owns 9,106,157 shares of the software maker’s stock valued at $296,679,000 after buying an additional 106,766 shares during the period. Finally, Letko Brosseau & Associates Inc. raised its position in Open Text by 0.5% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 5,681,093 shares of the software maker’s stock valued at $185,260,000 after buying an additional 27,825 shares during the period. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OTEX has been the subject of several research analyst reports. Royal Bank Of Canada reduced their price objective on Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a research note on Friday, May 8th. Scotia dropped their target price on Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a report on Friday, May 8th. Raymond James Financial reduced their price target on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a research report on Friday, May 8th. Weiss Ratings restated a “hold (c-)” rating on shares of Open Text in a report on Wednesday, June 24th. Finally, National Bank Financial lowered their price objective on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Four investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $33.67.

Open Text Stock Performance

Shares of OTEX stock opened at $22.97 on Friday. Open Text Corporation has a fifty-two week low of $19.77 and a fifty-two week high of $39.90. The stock’s 50-day moving average is $22.75 and its two-hundred day moving average is $24.82. 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 firm has a market cap of $5.57 billion, a P/E ratio of 11.20 and a beta of 1.04.

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

Open Text Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were paid a $0.275 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a yield of 4.8%. Open Text’s payout ratio is 53.66%.

Open Text 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.