Alliancebernstein L.P. Raises Stake in Open Text Corporation (OTEX)
Alliancebernstein L.P. increased its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 103.8% during the first quarter, Holdings Channel reports. The firm owned 10,626 shares of the software maker’s stock after buying an additional 5,413 shares during the period. Alliancebernstein L.P.’s holdings in Open Text Corporation were worth $361,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. First Mercantile Trust Co. boosted its stake in Open Text Corporation by 91.6% in the first quarter. First Mercantile Trust Co. now owns 15,565 shares of the software maker’s stock worth $529,000 after buying an additional 7,440 shares during the period. DORCHESTER WEALTH MANAGEMENT Co boosted its stake in Open Text Corporation by 98.6% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 121,110 shares of the software maker’s stock worth $4,113,000 after buying an additional 60,120 shares during the period. Korea Investment CORP boosted its stake in Open Text Corporation by 55.5% in the first quarter. Korea Investment CORP now owns 27,993 shares of the software maker’s stock worth $949,000 after buying an additional 9,993 shares during the period. Nationwide Fund Advisors boosted its stake in Open Text Corporation by 3.8% in the first quarter. Nationwide Fund Advisors now owns 51,500 shares of the software maker’s stock worth $1,752,000 after buying an additional 1,900 shares during the period. Finally, Barometer Capital Management Inc. boosted its stake in Open Text Corporation by 288.5% in the first quarter. Barometer Capital Management Inc. now owns 595,050 shares of the software maker’s stock worth $20,238,000 after buying an additional 441,900 shares during the period. 67.81% of the stock is currently owned by institutional investors.
Open Text Corporation (OTEX) traded up 0.44% on Friday, reaching $31.91. 412,817 shares of the company were exchanged. The firm has a market capitalization of $8.39 billion, a P/E ratio of 7.96 and a beta of 0.51. Open Text Corporation has a 12-month low of $29.30 and a 12-month high of $35.21. The firm has a 50-day moving average of $32.55 and a 200 day moving average of $33.19.
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 Thomson Reuters’ consensus estimate of $0.24 by $0.07. Open Text Corporation had a return on equity of 8.92% and a net margin of 44.77%. The business had revenue of $663.60 million during the quarter, compared to the consensus estimate of $662.36 million. During the same quarter in the previous year, the business posted $0.45 earnings per share. The firm’s revenue was up 37.2% on a year-over-year basis. On average, equities analysts predict that Open Text Corporation will post $2.47 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Friday, September 1st will be given a $0.132 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.53 annualized dividend and a yield of 1.65%. Open Text Corporation’s payout ratio is presently 12.74%.
A number of equities research analysts recently commented on the stock. Barclays PLC lifted their price target on shares of Open Text Corporation from $53.00 to $56.00 in a report 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. Citigroup Inc. reduced their price objective on shares of Open Text Corporation from $36.00 to $35.00 and set a “neutral” rating for the company in a research note on Tuesday, May 9th. TD Securities reiterated 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, Scotiabank reiterated an “outperform” rating and issued a $56.00 price objective (up from $41.00) on shares of Open Text Corporation in a research note on Thursday, May 4th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average 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.
Want to see what other hedge funds are holding OTEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Open Text Corporation (NASDAQ:OTEX) (TSE:OTC).
Receive News & Ratings for Open Text Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Open Text Corporation and related companies with MarketBeat.com's FREE daily email newsletter.