Smith Asset Management Group LP acquired a new stake in Open Text Corp. (NASDAQ:OTEX) during the second quarter, Holdings Channel reports. The firm acquired 3,435 shares of the company’s stock, valued at approximately $203,000.
A number of other large investors have also added to or reduced their stakes in the company. Acadian Asset Management LLC acquired a new stake in Open Text Corp. during the second quarter valued at $21,711,000. HBK Investments L P acquired a new stake in Open Text Corp. during the first quarter valued at $876,000. Legal & General Group Plc raised its stake in Open Text Corp. by 32.3% in the first quarter. Legal & General Group Plc now owns 77,086 shares of the company’s stock valued at $4,009,000 after buying an additional 18,800 shares during the period. AXA raised its stake in Open Text Corp. by 48.6% in the first quarter. AXA now owns 62,964 shares of the company’s stock valued at $3,276,000 after buying an additional 20,600 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Open Text Corp. by 129.9% in the first quarter. Renaissance Technologies LLC now owns 393,200 shares of the company’s stock valued at $20,375,000 after buying an additional 222,200 shares during the period. Hedge funds and other institutional investors own 69.41% of the company’s stock.
Open Text Corp. (NASDAQ:OTEX) traded down 0.54% on Wednesday, hitting $65.00. 610,898 shares of the stock traded hands. The stock has a market cap of $7.85 billion, a P/E ratio of 27.90 and a beta of 0.99. Open Text Corp. has a 12-month low of $41.93 and a 12-month high of $66.84. The stock has a 50-day moving average price of $63.71 and a 200 day moving average price of $58.59.
Open Text Corp. (NASDAQ:OTEX) last issued its earnings results on Wednesday, July 27th. The company reported $0.89 earnings per share for the quarter, missing the consensus estimate of $0.94 by $0.05. Open Text Corp. had a net margin of 15.59% and a return on equity of 21.84%. The business had revenue of $484 million for the quarter, compared to analyst estimates of $482.67 million. During the same quarter last year, the firm posted $0.87 earnings per share. Open Text Corp.’s revenue was up .3% on a year-over-year basis. On average, equities analysts expect that Open Text Corp. will post $4.07 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Friday, August 26th were given a dividend of $0.23 per share. The ex-dividend date was Wednesday, August 24th. This represents a $0.92 annualized dividend and a dividend yield of 1.42%. Open Text Corp.’s dividend payout ratio (DPR) is currently 39.32%.
Several equities research analysts recently weighed in on OTEX shares. BMO Capital Markets upgraded shares of Open Text Corp. from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $63.00 to $73.00 in a research note on Tuesday, September 13th. Dundee Securities upgraded shares of Open Text Corp. from a “neutral” rating to a “buy” rating in a research note on Monday, September 12th. Benchmark Co. raised their price target on shares of Open Text Corp. from $65.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Royal Bank Of Canada raised their price target on shares of Open Text Corp. from $60.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, June 21st. Finally, Zacks Investment Research upgraded shares of Open Text Corp. from a “hold” rating to a “strong-buy” rating and set a $72.00 price target on the stock in a research note on Thursday, July 21st. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $66.56.
About Open Text Corp.
Open Text Corporation is a Canada-based company operating in enterprise information market (EIM). The Company provides software products and services to organizations in finding, utilizing and sharing business information. The Company’s products and services include enterprise content management (ECM), business process management (BPM), customer experience management (CEM), information exchange (iX), discovery, and analytics and reporting.
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