Open Text Corporation (NASDAQ:OTEX) Shares Bought by Creative Planning
Creative Planning increased its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 48.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,714 shares of the software maker’s stock after buying an additional 2,200 shares during the period. Creative Planning’s holdings in Open Text Corporation were worth $212,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. State Board of Administration of Florida Retirement System acquired a new position in Open Text Corporation during the fourth quarter valued at approximately $280,000. Dimensional Fund Advisors LP raised its position in Open Text Corporation by 17.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 36,338 shares of the software maker’s stock valued at $2,246,000 after buying an additional 5,299 shares during the last quarter. Gulf International Bank UK Ltd raised its position in Open Text Corporation by 116.5% in the first quarter. Gulf International Bank UK Ltd now owns 81,256 shares of the software maker’s stock valued at $2,757,000 after buying an additional 43,728 shares during the last quarter. Addenda Capital Inc. raised its position in Open Text Corporation by 100.0% in the first quarter. Addenda Capital Inc. now owns 424,440 shares of the software maker’s stock valued at $14,387,000 after buying an additional 212,235 shares during the last quarter. Finally, Nexus Investment Management Inc. raised its position in Open Text Corporation by 120.5% in the first quarter. Nexus Investment Management Inc. now owns 92,290 shares of the software maker’s stock valued at $3,135,000 after buying an additional 50,440 shares during the last quarter. 67.81% of the stock is owned by institutional investors.
Shares of Open Text Corporation (NASDAQ OTEX) traded down 1.74% on Monday, reaching $33.89. 80,272 shares of the company were exchanged. The company has a 50-day moving average price of $32.35 and a 200 day moving average price of $33.15. The stock has a market capitalization of $8.90 billion, a PE ratio of 7.96 and a beta of 0.51. Open Text Corporation has a 1-year low of $29.30 and a 1-year high of $35.21.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.24 by $0.07. The company had revenue of $663.60 million during the quarter, compared to analysts’ expectations of $662.36 million. Open Text Corporation had a return on equity of 8.92% and a net margin of 44.77%. The firm’s revenue was up 37.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.45 EPS. On average, analysts forecast that Open Text Corporation will post $2.47 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Friday, September 1st will be issued a $0.132 dividend. This represents a $0.53 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend is Wednesday, August 30th. Open Text Corporation’s dividend payout ratio is presently 12.74%.
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OTEX has been the subject of several recent research reports. Barclays PLC raised their price objective on shares of Open Text Corporation from $53.00 to $56.00 in a research note on Tuesday, May 9th. BMO Capital Markets set a $38.00 price objective on shares of Open Text Corporation and gave the company a “buy” rating in a research note on Tuesday, May 9th. Beacon Securities raised shares of Open Text Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. TD Securities reissued a “buy” rating and issued a $52.00 price objective on shares of Open Text Corporation in a research note on Tuesday, May 2nd. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $40.00 price objective on shares of Open Text Corporation in a research note on Wednesday, July 12th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $42.11.
About Open Text Corporation
Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.
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