Engineers Gate Manager LP Buys 78,332 Shares of Open Text Corporation $OTEX

Engineers Gate Manager LP raised its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 807.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 88,032 shares of the software maker’s stock after acquiring an additional 78,332 shares during the period. Engineers Gate Manager LP’s holdings in Open Text were worth $1,950,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Kimelman & Baird LLC purchased a new position in shares of Open Text in the 2nd quarter worth about $27,000. Global Retirement Partners LLC purchased a new stake in Open Text during the 2nd quarter valued at about $34,000. Caitong International Asset Management Co. Ltd increased its stake in Open Text by 5,096.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock valued at $52,000 after purchasing an additional 1,580 shares in the last quarter. Allworth Financial LP bought a new stake in Open Text during the 2nd quarter valued at about $53,000. Finally, PNC Financial Services Group Inc. raised its holdings in Open Text by 23.0% in the first quarter. PNC Financial Services Group Inc. now owns 4,117 shares of the software maker’s stock worth $92,000 after buying an additional 769 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Price Performance

Shares of Open Text stock opened at $23.68 on Wednesday. Open Text Corporation has a one year low of $19.77 and a one year high of $39.90. The stock’s fifty day moving average is $24.04 and its 200 day moving average is $23.30. The stock has a market cap of $5.73 billion, a P/E ratio of 9.18 and a beta of 1.02. 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 announced its quarterly earnings data on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.21. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.29 billion. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The firm’s revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.97 EPS. Sell-side analysts anticipate that Open Text Corporation will post 3.72 earnings per share for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 4.7%. The ex-dividend date is Friday, September 4th. This is an increase from Open Text’s previous quarterly dividend of $0.28. Open Text’s dividend payout ratio is presently 43.41%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on OTEX shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Open Text in a research note on Wednesday, June 24th. Citigroup raised their price target on shares of Open Text from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Scotia lowered their price objective on Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 7th. Raymond James Financial downgraded Open Text from an “outperform” rating to a “market perform” rating and cut their target price for the company from $35.00 to $29.50 in a research note on Thursday, August 6th. Finally, Zacks Research lowered Open Text from a “hold” rating to a “strong sell” rating in a report on Friday, August 21st. Three investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $32.46.

Open Text Profile

Open Text Corporation (NASDAQ: OTEX) is a Canadian software company that develops enterprise information management solutions. Its products help organizations capture, manage, secure, govern and exchange business information across content, processes and communications.

The company offers software and services through areas that include content management, business process automation, customer experience management, business-to-business integration, data protection and cybersecurity. OpenText’s portfolio supports cloud and on-premises deployments and is designed for use by businesses, governments and other large organizations.

Founded in 1991 and headquartered in Waterloo, Ontario, OpenText serves customers internationally across a broad range of industries and geographies.