Vanguard Group Inc. boosted its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 126.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,446,137 shares of the software maker’s stock after buying an additional 3,039,282 shares during the period. Vanguard Group Inc. owned approximately 2.08% of Open Text Corporation worth $185,223,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of OTEX. Jarislowsky Fraser Ltd raised its stake in Open Text Corporation by 97.3% in the first quarter. Jarislowsky Fraser Ltd now owns 17,149,056 shares of the software maker’s stock worth $581,219,000 after buying an additional 8,457,300 shares during the period. FMR LLC raised its stake in Open Text Corporation by 116.9% in the first quarter. FMR LLC now owns 13,630,775 shares of the software maker’s stock worth $463,293,000 after buying an additional 7,346,669 shares during the period. Beutel Goodman & Co Ltd. raised its stake in Open Text Corporation by 109.4% in the first quarter. Beutel Goodman & Co Ltd. now owns 10,791,305 shares of the software maker’s stock worth $366,161,000 after buying an additional 5,636,705 shares during the period. Legato Capital Management LLC raised its stake in Open Text Corporation by 6,678.4% in the first quarter. Legato Capital Management LLC now owns 6,917,008 shares of the software maker’s stock worth $204,090,000 after buying an additional 6,814,963 shares during the period. Finally, TD Asset Management Inc. raised its stake in Open Text Corporation by 114.5% in the first quarter. TD Asset Management Inc. now owns 5,186,866 shares of the software maker’s stock worth $175,794,000 after buying an additional 2,769,306 shares during the period. 68.93% of the stock is currently owned by institutional investors.
Open Text Corporation (NASDAQ OTEX) opened at 32.82 on Tuesday. The company has a market capitalization of $8.62 billion, a P/E ratio of 7.71 and a beta of 0.50. The stock’s 50 day moving average is $32.24 and its 200-day moving average is $32.88. Open Text Corporation has a 1-year low of $29.25 and a 1-year high of $35.21.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Monday, May 8th. The software maker reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.24 by $0.16. Open Text Corporation had a return on equity of 12.06% and a net margin of 50.49%. The business had revenue of $593.13 million for the quarter, compared to analysts’ expectations of $601.84 million. During the same period in the previous year, the company earned $0.40 earnings per share. Open Text Corporation’s quarterly revenue was up 34.6% on a year-over-year basis. On average, analysts expect that Open Text Corporation will post $2.01 earnings per share for the current fiscal year.
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A number of analysts recently weighed in on OTEX shares. BidaskClub raised shares of Open Text Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. Barclays PLC raised their target price on shares of Open Text Corporation from $53.00 to $56.00 in a research report on Tuesday, May 9th. TD Securities reaffirmed a “buy” rating and set a $52.00 target price on shares of Open Text Corporation in a research report on Tuesday, May 2nd. Citigroup Inc. reduced their target price on shares of Open Text Corporation from $36.00 to $35.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 9th. Finally, Zacks Investment Research lowered shares of Open Text Corporation from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 29th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Open Text Corporation has an average rating of “Buy” and an average target price of $41.85.
Open Text Corporation Company Profile
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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