Riverhead Capital Management LLC grew its holdings in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 13.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,000 shares of the software maker’s stock after purchasing an additional 700 shares during the period. Riverhead Capital Management LLC’s holdings in Open Text were worth $238,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of OTEX. Dimensional Fund Advisors LP lifted its holdings in shares of Open Text by 34.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 189,821 shares of the software maker’s stock valued at $6,188,000 after purchasing an additional 49,149 shares during the last quarter. Boston Partners purchased a new position in Open Text in the 1st quarter worth $2,059,000. JPMorgan Chase & Co. raised its stake in Open Text by 56.2% in the 1st quarter. JPMorgan Chase & Co. now owns 779,628 shares of the software maker’s stock worth $29,961,000 after acquiring an additional 280,643 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Open Text by 3.8% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,016,661 shares of the software maker’s stock worth $39,025,000 after acquiring an additional 36,867 shares during the last quarter. Finally, Clark Capital Management Group Inc. purchased a new position in Open Text in the 1st quarter worth $21,292,000. Hedge funds and other institutional investors own 64.60% of the company’s stock.
A number of equities analysts recently issued reports on the company. CIBC restated a “buy” rating and issued a $53.00 target price on shares of Open Text in a research note on Sunday, August 4th. Royal Bank of Canada lowered Open Text to a “buy” rating and set a $47.00 target price for the company. in a research note on Monday, September 9th. Raymond James set a $48.00 target price on Open Text and gave the stock an “outperform” rating in a research note on Friday, August 2nd. BidaskClub upgraded Open Text from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Benchmark restated a “buy” rating and issued a $48.00 target price (up previously from $42.00) on shares of Open Text in a research note on Thursday, July 11th. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $47.25.
OTEX stock traded down $0.32 during midday trading on Friday, reaching $40.93. The stock had a trading volume of 221,364 shares, compared to its average volume of 509,919. The stock has a market cap of $11.12 billion, a PE ratio of 38.61 and a beta of 0.56. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.54 and a current ratio of 1.54. The firm has a fifty day simple moving average of $39.81 and a two-hundred day simple moving average of $39.82. Open Text Corp has a 52-week low of $30.99 and a 52-week high of $44.49.
Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, August 1st. The software maker reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.10). The company had revenue of $747.20 million for the quarter, compared to analyst estimates of $763.51 million. Open Text had a return on equity of 7.50% and a net margin of 9.95%. Open Text’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the prior year, the business posted $0.72 earnings per share. On average, sell-side analysts predict that Open Text Corp will post 1.57 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be given a dividend of $0.175 per share. This is an increase from Open Text’s previous quarterly dividend of $0.17. This represents a $0.70 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend is Thursday, August 29th. Open Text’s dividend payout ratio (DPR) is currently 66.04%.
Open Text 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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