Flinton Capital Management LLC grew its position in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 13.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,154 shares of the software maker’s stock after purchasing an additional 714 shares during the quarter. Flinton Capital Management LLC’s holdings in Open Text were worth $244,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new stake in Open Text in the first quarter valued at about $51,897,000. Clark Capital Management Group Inc. acquired a new position in shares of Open Text during the 1st quarter worth approximately $21,292,000. Renaissance Technologies LLC raised its position in shares of Open Text by 110.0% during the 2nd quarter. Renaissance Technologies LLC now owns 765,916 shares of the software maker’s stock worth $31,556,000 after purchasing an additional 401,216 shares during the last quarter. PCJ Investment Counsel Ltd. raised its position in shares of Open Text by 96.1% during the 2nd quarter. PCJ Investment Counsel Ltd. now owns 677,893 shares of the software maker’s stock worth $28,027,000 after purchasing an additional 332,274 shares during the last quarter. Finally, Schroder Investment Management Group raised its position in shares of Open Text by 29,702.8% during the 2nd quarter. Schroder Investment Management Group now owns 327,831 shares of the software maker’s stock worth $17,716,000 after purchasing an additional 326,731 shares during the last quarter. 64.55% of the stock is currently owned by institutional investors.
Shares of OTEX stock opened at $40.54 on Friday. The firm has a market capitalization of $11.06 billion, a P/E ratio of 38.61 and a beta of 0.56. The company’s fifty day moving average price is $39.70 and its two-hundred day moving average price is $40.03. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.54 and a quick ratio of 1.54. Open Text Corp has a 12 month low of $30.99 and a 12 month high of $44.49.
Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.10). Open Text had a net margin of 9.95% and a return on equity of 7.50%. The business had revenue of $747.20 million for the quarter, compared to the consensus estimate of $763.51 million. During the same period in the prior year, the company earned $0.72 EPS. Open Text’s quarterly revenue was down .9% on a year-over-year basis. On average, sell-side analysts anticipate that Open Text Corp will post 1.57 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were issued a $0.175 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This is a boost from Open Text’s previous quarterly dividend of $0.17. This represents a $0.70 annualized dividend and a dividend yield of 1.73%. Open Text’s dividend payout ratio (DPR) is 66.04%.
Several research firms have commented on OTEX. ValuEngine cut shares of Open Text from a “buy” rating to a “hold” rating in a research note on Friday, September 20th. TD Securities lifted their target price on shares of Open Text from $45.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Raymond James set a $48.00 target price on shares of Open Text and gave the stock an “outperform” rating in a research note on Friday, August 2nd. CIBC reissued a “buy” rating and set a $53.00 price objective on shares of Open Text in a research note on Sunday, August 4th. Finally, BidaskClub raised shares of Open Text from a “hold” rating to a “buy” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. Open Text currently has a consensus rating of “Buy” and an average price target of $47.25.
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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