Verition Fund Management LLC bought a new position in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 5,227 shares of the software maker’s stock, valued at approximately $222,000.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Capital Asset Advisory Services LLC raised its holdings in Open Text by 4.6% during the second quarter. Capital Asset Advisory Services LLC now owns 8,826 shares of the software maker’s stock worth $387,000 after acquiring an additional 392 shares in the last quarter. Advisor Group Holdings Inc. raised its holdings in Open Text by 8.0% during the second quarter. Advisor Group Holdings Inc. now owns 10,580 shares of the software maker’s stock worth $450,000 after acquiring an additional 782 shares in the last quarter. Baird Financial Group Inc. bought a new stake in Open Text during the second quarter worth about $1,161,000. FMR LLC raised its holdings in Open Text by 14.3% during the second quarter. FMR LLC now owns 5,774,150 shares of the software maker’s stock worth $245,197,000 after acquiring an additional 724,395 shares in the last quarter. Finally, TD Asset Management Inc. raised its stake in Open Text by 12.0% in the second quarter. TD Asset Management Inc. now owns 3,111,308 shares of the software maker’s stock valued at $131,694,000 after buying an additional 332,640 shares during the period. Institutional investors and hedge funds own 63.80% of the company’s stock.
Several research firms have issued reports on OTEX. Pi Financial restated a “neutral” rating on shares of Open Text in a research note on Wednesday, August 5th. Veritas Investment Research lowered Open Text from a “buy” rating to a “sell” rating in a research note on Monday, August 10th. Citigroup upped their target price on Open Text from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. National Bank Financial upped their target price on Open Text from $54.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. Finally, Zacks Investment Research raised Open Text from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. Open Text presently has a consensus rating of “Hold” and an average price target of $51.00.
Shares of OTEX opened at $42.71 on Wednesday. Open Text Corp has a 52 week low of $29.11 and a 52 week high of $47.85. The stock has a market capitalization of $11.61 billion, a price-to-earnings ratio of 49.09 and a beta of 0.71. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.25 and a current ratio of 1.25. The stock has a fifty day moving average of $44.44 and a 200-day moving average of $40.83.
Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, August 6th. The software maker reported $0.80 EPS for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.19. The company had revenue of $826.60 million during the quarter, compared to analysts’ expectations of $809.36 million. Open Text had a return on equity of 10.54% and a net margin of 7.53%. Open Text’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.74 EPS. As a group, equities analysts forecast that Open Text Corp will post 2.91 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be given a dividend of $0.175 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.17. This represents a $0.70 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend is Thursday, September 3rd. Open Text’s dividend payout ratio (DPR) is currently 25.00%.
Open Text Company Profile
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
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