Russell Investments Group Ltd. decreased its holdings in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 1.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 662,496 shares of the software maker’s stock after selling 10,059 shares during the quarter. Russell Investments Group Ltd.’s holdings in Open Text were worth $24,955,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. AdvisorNet Financial Inc purchased a new stake in Open Text in the 2nd quarter valued at about $115,000. Tower Research Capital LLC TRC purchased a new stake in shares of Open Text during the 2nd quarter worth approximately $160,000. A.R.T. Advisors LLC purchased a new stake in shares of Open Text during the 1st quarter worth approximately $236,000. Greenleaf Trust increased its stake in shares of Open Text by 79.0% during the 2nd quarter. Greenleaf Trust now owns 7,045 shares of the software maker’s stock worth $248,000 after purchasing an additional 3,110 shares during the last quarter. Finally, River Road Asset Management LLC purchased a new stake in shares of Open Text during the 2nd quarter worth approximately $263,000. 67.67% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have recently issued reports on the stock. Raymond James raised their price target on shares of Open Text from $42.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday, August 3rd. Barclays raised their price target on shares of Open Text from $46.00 to $48.00 and gave the stock an “overweight” rating in a research note on Monday, August 6th. TD Securities raised their price target on shares of Open Text from $40.00 to $43.00 and gave the stock a “buy” rating in a research note on Friday, August 3rd. Industrial Alliance Securities raised their price target on shares of Open Text from $40.00 to $42.00 in a research note on Friday, August 3rd. Finally, Royal Bank of Canada raised their price target on shares of Open Text from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, August 3rd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $44.20.
OTEX opened at $33.16 on Monday. The company has a market capitalization of $8.90 billion, a P/E ratio of 36.44 and a beta of 0.46. Open Text Corp has a 12 month low of $31.98 and a 12 month high of $40.31. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.70.
Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Wednesday, October 31st. The software maker reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.01. The company had revenue of $667.20 million during the quarter, compared to the consensus estimate of $692.53 million. Open Text had a net margin of 8.51% and a return on equity of 7.99%. Open Text’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period last year, the firm earned $0.54 EPS. On average, equities analysts expect that Open Text Corp will post 0.74 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Friday, November 30th will be issued a $0.1518 dividend. This represents a $0.61 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend is Thursday, November 29th. Open Text’s dividend payout ratio (DPR) is presently 67.03%.
About Open Text
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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