Susquehanna Fundamental Investments LLC Makes New $6.41 Million Investment in Open Text Corporation $OTEX

Susquehanna Fundamental Investments LLC purchased a new position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the second quarter, HoldingsChannel reports. The firm purchased 289,500 shares of the software maker’s stock, valued at approximately $6,412,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. FIL Ltd raised its holdings in Open Text by 5.7% during the fourth quarter. FIL Ltd now owns 12,155,000 shares of the software maker’s stock worth $395,853,000 after purchasing an additional 655,000 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in Open Text during the 2nd quarter valued at $266,599,000. First Trust Advisors LP increased its position in shares of Open Text by 27.3% during the 4th quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker’s stock valued at $374,394,000 after purchasing an additional 2,466,264 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Open Text by 11.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 10,734,420 shares of the software maker’s stock valued at $349,978,000 after purchasing an additional 1,122,320 shares during the period. Finally, Royal Bank of Canada raised its stake in shares of Open Text by 10.9% in the 1st quarter. Royal Bank of Canada now owns 9,843,494 shares of the software maker’s stock worth $218,920,000 after buying an additional 965,385 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

OTEX has been the subject of several research reports. UBS Group raised their target price on Open Text from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Citigroup boosted their price target on shares of Open Text from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Scotia cut their price target on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a report on Friday, August 7th. Weiss Ratings restated a “hold (c-)” rating on shares of Open Text in a research report on Wednesday, June 24th. Finally, Zacks Research cut shares of Open Text from a “hold” rating to a “strong sell” rating in a research note on Friday, August 21st. Three equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $32.46.

Open Text Trading Down 0.7%

Open Text stock opened at $24.93 on Tuesday. Open Text Corporation has a 52 week low of $19.77 and a 52 week high of $39.90. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $6.04 billion, a price-to-earnings ratio of 9.66 and a beta of 1.03. The company has a 50 day moving average price of $23.75 and a 200 day moving average price of $23.35.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.21. Open Text had a net margin of 12.26% and a return on equity of 25.76%. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the business earned $0.97 EPS. The company’s revenue was up 2.9% on a year-over-year basis. Research analysts forecast that Open Text Corporation will post 3.72 EPS for the current year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Friday, September 4th. This is a boost from Open Text’s previous quarterly dividend of $0.28. Open Text’s dividend payout ratio is 42.64%.

About Open Text

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.