Quantbot Technologies LP Makes New Investment in Open Text Corporation $OTEX

Quantbot Technologies LP bought a new stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 87,291 shares of the software maker’s stock, valued at approximately $1,933,000.

Several other hedge funds have also made changes to their positions in OTEX. Goldman Sachs Group Inc. increased its position in Open Text by 75.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker’s stock valued at $36,307,000 after acquiring an additional 619,527 shares during the period. United Services Automobile Association acquired a new stake in Open Text during the 1st quarter worth approximately $213,000. EverSource Wealth Advisors LLC grew its stake in shares of Open Text by 39.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after purchasing an additional 570 shares during the last quarter. Cerity Partners LLC grew its stake in shares of Open Text by 3.4% in the 2nd quarter. Cerity Partners LLC now owns 49,003 shares of the software maker’s stock valued at $1,431,000 after purchasing an additional 1,612 shares during the last quarter. Finally, Qube Research & Technologies Ltd increased its holdings in shares of Open Text by 16.8% in the second quarter. Qube Research & Technologies Ltd now owns 46,500 shares of the software maker’s stock valued at $1,360,000 after purchasing an additional 6,700 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Down 0.4%

OTEX opened at $24.58 on Tuesday. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.81 and a quick ratio of 0.81. Open Text Corporation has a 12 month low of $19.77 and a 12 month high of $39.90. The stock has a market capitalization of $5.95 billion, a P/E ratio of 9.53 and a beta of 1.03. The business has a 50 day simple moving average of $23.36 and a 200-day simple moving average of $23.35.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, August 6th. The software maker reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.21. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.29 billion. Open Text had a return on equity of 25.76% and a net margin of 12.26%.Open Text’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.97 earnings per share. On average, equities analysts anticipate that Open Text Corporation will post 3.72 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.28 per share. This is a boost from Open Text’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.6%. Open Text’s dividend payout ratio is currently 43.41%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Citigroup increased their price target on Open Text from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Scotiabank dropped their price objective on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 7th. UBS Group upped their price objective on shares of Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Scotia reduced their target price on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a research note on Friday, August 7th. Finally, Barclays lifted their target price on shares of Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Three equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $32.46.

Open Text Company 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.