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

Assenagon Asset Management S.A. lifted its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 5.6% in the 4th quarter, Holdings Channel.com reports. The fund owned 19,921 shares of the software maker’s stock after acquiring an additional 1,049 shares during the period. Assenagon Asset Management S.A.’s holdings in Open Text were worth $563,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. AustralianSuper Pty Ltd bought a new stake in Open Text in the third quarter worth about $8,011,000. The Manufacturers Life Insurance Company raised its holdings in shares of Open Text by 1.1% in the third quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock worth $187,952,000 after buying an additional 63,620 shares during the period. Natixis Advisors LLC bought a new stake in shares of Open Text during the 3rd quarter worth approximately $1,467,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Open Text by 126.1% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 86,260 shares of the software maker’s stock valued at $2,871,000 after acquiring an additional 48,111 shares during the period. Finally, Stifel Financial Corp bought a new position in Open Text in the 3rd quarter valued at $2,232,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Stock Up 0.7 %

NASDAQ:OTEX opened at $28.84 on Friday. The company’s 50 day moving average is $28.91 and its two-hundred day moving average is $30.75. The company has a market cap of $7.61 billion, a PE ratio of 16.67 and a beta of 1.12. Open Text Co. has a twelve month low of $26.84 and a twelve month high of $45.47. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54.

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

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, November 29th were issued a $0.262 dividend. This represents a $1.05 annualized dividend and a yield of 3.63%. 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. Open Text’s dividend payout ratio is 60.69%.

Analysts Set New Price Targets

Several research firms have issued reports on OTEX. Citigroup lowered their price objective on shares of Open Text from $33.00 to $30.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Scotiabank lowered their price target on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a report on Friday, November 1st. UBS Group initiated coverage on Open Text in a report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective on the stock. StockNews.com raised shares of Open Text from a “buy” rating to a “strong-buy” rating in a research note on Sunday, January 19th. Finally, Royal Bank of Canada lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $45.00 to $33.00 in a report on Friday, November 1st. Nine analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Open Text has an average rating of “Hold” and an average price target of $35.27.

Open Text 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.