Munich Reinsurance Co Stock Corp in Munich Acquires Shares of 268,866 Open Text Corporation $OTEX

Munich Reinsurance Co Stock Corp in Munich purchased a new stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 268,866 shares of the software maker’s stock, valued at approximately $10,052,000. Munich Reinsurance Co Stock Corp in Munich owned approximately 0.11% of Open Text at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OTEX. Sagard Holdings Management Inc. purchased a new stake in shares of Open Text in the 2nd quarter worth $30,000. MAI Capital Management boosted its stake in Open Text by 58.7% in the 2nd quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock worth $47,000 after purchasing an additional 590 shares during the period. WealthCollab LLC grew its stake in Open Text by 39.5% during the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after acquiring an additional 464 shares in the last quarter. Osaic Holdings Inc. increased its holdings in shares of Open Text by 108.8% in the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after purchasing an additional 937 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in 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 acquiring an additional 570 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analysts Set New Price Targets

OTEX has been the subject of several analyst reports. Royal Bank Of Canada lowered their price objective on Open Text from $33.00 to $30.00 and set a “sector perform” rating for the company in a research note on Friday, February 6th. Barclays dropped their target price on shares of Open Text from $39.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Friday, February 6th. Raymond James Financial lowered their price objective on shares of Open Text from $48.00 to $42.00 and set an “outperform” rating for the company in a research note on Friday, February 6th. Zacks Research cut Open Text from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Finally, UBS Group set a $26.00 price objective on shares of Open Text in a research note on Friday, February 6th. Three investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, Open Text currently has an average rating of “Hold” and an average price target of $35.75.

Open Text Stock Down 1.0%

Shares of OTEX opened at $25.56 on Friday. The stock has a 50 day moving average price of $27.62 and a 200 day moving average price of $32.71. The stock has a market capitalization of $6.41 billion, a price-to-earnings ratio of 15.04 and a beta of 1.08. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.94 and a current ratio of 0.94. Open Text Corporation has a one year low of $22.44 and a one year high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, February 5th. The software maker reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.09. Open Text had a return on equity of 23.60% and a net margin of 8.42%.The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter last year, the business posted $1.11 earnings per share. The firm’s revenue was down .6% compared to the same quarter last year. Equities research analysts forecast that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Friday, March 6th. Open Text’s dividend payout ratio is presently 64.71%.

About Open Text

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.