First Trust Advisors LP Reduces Position in Open Text Corporation $OTEX

First Trust Advisors LP decreased its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 35.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 7,369,594 shares of the software maker’s stock after selling 4,124,120 shares during the period. First Trust Advisors LP’s holdings in Open Text were worth $164,119,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Brandes Investment Partners LP raised its holdings in Open Text by 1.2% during 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 buying an additional 106,766 shares during the last quarter. Value Partners Investments Inc. grew its holdings in Open Text by 30.0% in the 1st quarter. Value Partners Investments Inc. now owns 2,413,989 shares of the software maker’s stock worth $53,687,000 after acquiring an additional 556,534 shares during the last quarter. Montrusco Bolton Investments Inc. bought a new stake in Open Text in the 4th quarter worth $7,140,000. Munich Reinsurance Co Stock Corp in Munich increased its position in shares of Open Text by 59.0% in the fourth 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 acquiring an additional 158,698 shares during the period. Finally, Jupiter Asset Management Ltd. purchased a new position in shares of Open Text in the fourth quarter valued at about $1,974,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OTEX has been the subject of a number of analyst reports. National Bank Financial dropped their target price on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Raymond James Financial reduced their price target on Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a report on Friday, May 8th. Royal Bank Of Canada lowered their price target on Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a research report on Friday, May 8th. Scotiabank dropped their price objective on Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a report on Friday, May 8th. Finally, Scotia cut their price objective on Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $33.67.

Open Text Price Performance

Shares of NASDAQ OTEX opened at $22.21 on Thursday. Open Text Corporation has a 1 year low of $19.77 and a 1 year high of $39.90. The stock has a market capitalization of $5.38 billion, a P/E ratio of 10.83 and a beta of 1.04. The company’s 50-day moving average is $22.67 and its 200 day moving average is $24.17. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 EPS for the quarter, topping 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 net margin of 9.91% and a return on equity of 24.77%. Open Text’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $0.82 earnings per share. On average, sell-side analysts expect that Open Text Corporation will post 4.05 earnings per share for the current 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 $0.275 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.10 annualized dividend and a dividend yield of 5.0%. Open Text’s dividend payout ratio is currently 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.