Open Text Co. (NASDAQ:OTEX) Shares Purchased by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. boosted its position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 6.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,624 shares of the software maker’s stock after buying an additional 1,060 shares during the period. Assenagon Asset Management S.A.’s holdings in Open Text were worth $646,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Boston Partners increased its holdings in shares of Open Text by 0.5% in the 4th quarter. Boston Partners now owns 60,137 shares of the software maker’s stock valued at $2,527,000 after acquiring an additional 318 shares during the period. EverSource Wealth Advisors LLC increased its stake in Open Text by 18.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after purchasing an additional 334 shares during the period. Allworth Financial LP raised its holdings in shares of Open Text by 125.7% in the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after buying an additional 533 shares during the last quarter. Optiver Holding B.V. acquired a new stake in shares of Open Text during the fourth quarter worth about $27,000. Finally, Bank of Nova Scotia Trust Co. grew its holdings in shares of Open Text by 5.5% during the third quarter. Bank of Nova Scotia Trust Co. now owns 12,222 shares of the software maker’s stock worth $429,000 after buying an additional 634 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Price Performance

NASDAQ OTEX traded up $0.01 during mid-day trading on Wednesday, hitting $30.94. The stock had a trading volume of 437,715 shares, compared to its average volume of 665,938. The company has a market cap of $8.44 billion, a price-to-earnings ratio of 49.90 and a beta of 1.10. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.01. Open Text Co. has a 52-week low of $28.19 and a 52-week high of $45.47. The company has a 50 day simple moving average of $35.39 and a 200 day simple moving average of $38.52.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be issued a $0.435 dividend. This represents a $1.74 annualized dividend and a dividend yield of 5.62%. The ex-dividend date is Friday, May 31st. This is an increase from Open Text’s previous quarterly dividend of $0.25. Open Text’s dividend payout ratio is 161.29%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OTEX. Royal Bank of Canada reaffirmed an “outperform” rating and set a $53.00 price objective on shares of Open Text in a research report on Friday, February 2nd. National Bankshares lowered their price objective on shares of Open Text from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. BMO Capital Markets downgraded shares of Open Text from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $50.00 to $38.00 in a research report on Friday, May 3rd. Scotiabank reiterated a “sector perform” rating on shares of Open Text in a research note on Friday, May 3rd. Finally, Jefferies Financial Group reduced their price objective on shares of Open Text from $45.00 to $42.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $42.25.

About Open Text

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.