TD Asset Management Inc Purchases 217,545 Shares of Open Text Corporation $OTEX

TD Asset Management Inc increased its position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 11.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,147,997 shares of the software maker’s stock after buying an additional 217,545 shares during the period. TD Asset Management Inc owned 0.85% of Open Text worth $80,307,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. JARISLOWSKY FRASER Ltd grew its position in shares of Open Text by 0.6% in the 3rd quarter. JARISLOWSKY FRASER Ltd now owns 21,150,154 shares of the software maker’s stock valued at $790,736,000 after acquiring an additional 117,436 shares during the period. Vanguard Group Inc. lifted its stake in Open Text by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 11,689,086 shares of the software maker’s stock valued at $436,926,000 after purchasing an additional 229,758 shares during the last quarter. Brandes Investment Partners LP grew its holdings in Open Text by 42.7% during the second quarter. Brandes Investment Partners LP now owns 8,368,336 shares of the software maker’s stock worth $244,356,000 after purchasing an additional 2,506,058 shares during the period. First Trust Advisors LP grew its holdings in Open Text by 1.5% during the second quarter. First Trust Advisors LP now owns 8,262,084 shares of the software maker’s stock worth $241,328,000 after purchasing an additional 119,163 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in Open Text by 11.7% during the second quarter. Arrowstreet Capital Limited Partnership now owns 7,730,470 shares of the software maker’s stock worth $225,898,000 after buying an additional 810,352 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Citigroup cut their price objective on Open Text from $36.00 to $26.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Weiss Ratings restated a “hold (c+)” rating on shares of Open Text in a research note on Monday, December 29th. UBS Group set a $26.00 price objective on shares of Open Text in a research report on Friday, February 6th. Barclays decreased their price objective on shares of Open Text from $39.00 to $30.00 and set an “equal weight” rating on the stock in a report on Friday, February 6th. Finally, Royal Bank Of Canada cut their target price on shares of Open Text from $33.00 to $30.00 and set a “sector perform” rating for the company in a research note on Friday, February 6th. Three equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $35.75.

Open Text Trading Up 2.3%

Shares of Open Text stock opened at $25.05 on Friday. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a 50-day moving average of $28.63 and a 200-day moving average of $32.94. Open Text Corporation has a 52-week low of $22.44 and a 52-week high of $39.90. The stock has a market cap of $6.28 billion, a PE ratio of 14.74 and a beta of 1.08.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, February 5th. The software maker reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.09. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.29 billion. Open Text had a net margin of 8.42% and a return on equity of 23.60%. Open Text’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period last year, the firm earned $1.11 earnings per share. As a group, sell-side analysts forecast that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Friday, March 6th. Open Text’s payout ratio is 64.71%.

Open Text Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.