Wells Fargo & Company MN increased its holdings in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 4.2% during the 1st quarter, Holdings Channel reports. The institutional investor owned 99,321 shares of the software maker’s stock after purchasing an additional 4,003 shares during the period. Wells Fargo & Company MN’s holdings in Open Text were worth $3,456,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the stock. Roystone Capital Management LP grew its stake in Open Text by 18.5% during the 4th quarter. Roystone Capital Management LP now owns 1,302,500 shares of the software maker’s stock worth $46,460,000 after buying an additional 203,500 shares during the last quarter. BlackRock Inc. grew its stake in Open Text by 8.1% during the 4th quarter. BlackRock Inc. now owns 861,838 shares of the software maker’s stock worth $30,742,000 after buying an additional 64,938 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Open Text by 4.6% during the 4th quarter. Bank of New York Mellon Corp now owns 288,962 shares of the software maker’s stock worth $10,307,000 after buying an additional 12,622 shares during the last quarter. Two Sigma Investments LP grew its stake in Open Text by 449.8% during the 4th quarter. Two Sigma Investments LP now owns 236,375 shares of the software maker’s stock worth $8,429,000 after buying an additional 193,386 shares during the last quarter. Finally, AXA grew its stake in Open Text by 1.3% during the 4th quarter. AXA now owns 231,871 shares of the software maker’s stock worth $8,270,000 after buying an additional 3,071 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.
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Shares of OTEX opened at $36.05 on Friday. Open Text Corp has a one year low of $30.95 and a one year high of $40.31. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.65. The stock has a market cap of $9.52 billion, a price-to-earnings ratio of 8.99 and a beta of 0.28.
Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Wednesday, May 9th. The software maker reported $0.54 EPS for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.08). Open Text had a return on equity of 7.76% and a net margin of 8.32%. The firm had revenue of $685.88 million for the quarter, compared to analyst estimates of $691.74 million. During the same period in the prior year, the firm posted $0.45 EPS. The business’s revenue was up 15.6% compared to the same quarter last year. equities research analysts expect that Open Text Corp will post 0.92 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 29th. Shareholders of record on Friday, June 8th were given a dividend of $0.1518 per share. The ex-dividend date of this dividend was Thursday, June 7th. This represents a $0.61 dividend on an annualized basis and a yield of 1.68%. This is a boost from Open Text’s previous quarterly dividend of $0.13. Open Text’s payout ratio is currently 15.21%.
OTEX has been the topic of several research analyst reports. Royal Bank of Canada dropped their target price on Open Text from $46.00 to $44.00 and set an “outperform” rating on the stock in a research note on Thursday, May 10th. Zacks Investment Research downgraded Open Text from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 4th. BidaskClub upgraded Open Text from a “sell” rating to a “hold” rating in a research note on Thursday, March 15th. ValuEngine upgraded Open Text from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Scotiabank restated an “outperform” rating and set a $45.00 target price on shares of Open Text in a research note on Thursday, May 10th. One analyst has rated the stock with a sell rating, one has given a hold rating and ten have given a buy rating to the stock. Open Text has an average rating of “Buy” and a consensus price target of $44.40.
Open Text Company Profile
Open Text Corporation provides a suite of software products and services that assist organizations in finding, utilizing, and sharing business information from various devices. The company offers content solutions that provide content and records management, archiving, and email management and capture solutions, as well as Core, a software as a service based multi-tenant cloud solution; business process management for analyzing, automating, monitoring, and optimizing structured business processes; and customer experience management products, which offer Web content management, digital asset management, customer communications management, social software, and portal.
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