Legal & General Group Plc Acquires Shares of 1,415,546 Open Text Corporation $OTEX

Legal & General Group Plc acquired a new stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,415,546 shares of the software maker’s stock, valued at approximately $31,319,000.

Other institutional investors also recently modified their holdings of the company. Goldman Sachs Group Inc. raised its position in Open Text by 75.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker’s stock valued at $36,307,000 after purchasing an additional 619,527 shares during the last quarter. United Services Automobile Association bought a new stake in shares of Open Text in the 1st quarter worth approximately $213,000. EverSource Wealth Advisors LLC grew its position 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 worth $59,000 after buying an additional 570 shares during the last quarter. Cerity Partners LLC increased its stake in shares of Open Text by 3.4% during the second quarter. Cerity Partners LLC now owns 49,003 shares of the software maker’s stock valued at $1,431,000 after buying an additional 1,612 shares during the period. Finally, Qube Research & Technologies Ltd increased its stake in shares of Open Text by 16.8% during the second quarter. Qube Research & Technologies Ltd now owns 46,500 shares of the software maker’s stock valued at $1,360,000 after buying an additional 6,700 shares during the period. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. National Bank Financial decreased their target price on Open Text from $45.00 to $33.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Royal Bank Of Canada reduced their price objective on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Friday, May 8th. Wall Street Zen lowered shares of Open Text from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. UBS Group raised their target price on shares of Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Finally, Citigroup lifted their target price on shares of Open Text from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Three analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Open Text has a consensus rating of “Hold” and an average price target of $32.46.

Open Text Stock Down 0.3%

Shares of NASDAQ:OTEX opened at $25.10 on Friday. Open Text Corporation has a 52-week low of $19.77 and a 52-week high of $39.90. The firm has a market capitalization of $6.08 billion, a P/E ratio of 9.73 and a beta of 1.03. The stock has a 50 day moving average price of $23.65 and a 200-day moving average price of $23.38. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.81 and a current ratio of 0.81.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.21. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period in the previous year, the company posted $0.97 earnings per share. The firm’s revenue was up 2.9% on a year-over-year basis. As a group, equities research analysts anticipate that Open Text Corporation will post 3.72 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a dividend of $0.28 per share. This is an increase from Open Text’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.12 dividend on an annualized basis and a yield of 4.5%. Open Text’s dividend payout ratio is 42.64%.

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.