Tobam cut its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 43.3% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 215,900 shares of the software maker’s stock after selling 165,094 shares during the period. Tobam owned about 0.08% of Open Text Corporation worth $6,804,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of OTEX. Meadow Creek Investment Management LLC increased its stake in Open Text Corporation by 99.0% in the first quarter. Meadow Creek Investment Management LLC now owns 3,088 shares of the software maker’s stock worth $105,000 after buying an additional 1,536 shares during the last quarter. Neuburgh Advisers LLC increased its stake in Open Text Corporation by 99.0% in the first quarter. Neuburgh Advisers LLC now owns 4,246 shares of the software maker’s stock worth $144,000 after buying an additional 2,112 shares during the last quarter. Creative Planning increased its stake in Open Text Corporation by 100.0% in the first quarter. Creative Planning now owns 4,514 shares of the software maker’s stock worth $154,000 after buying an additional 2,257 shares during the last quarter. Wells Fargo & Company MN increased its stake in Open Text Corporation by 91.9% in the first quarter. Wells Fargo & Company MN now owns 4,790 shares of the software maker’s stock worth $163,000 after buying an additional 2,294 shares during the last quarter. Finally, Tyers Asset Management LLC increased its stake in Open Text Corporation by 99.0% in the first quarter. Tyers Asset Management LLC now owns 5,404 shares of the software maker’s stock worth $184,000 after buying an additional 2,688 shares during the last quarter. 66.28% of the stock is currently owned by institutional investors.

Open Text Corporation (NASDAQ:OTEX) opened at 31.95 on Monday. The company has a market cap of $8.40 billion, a P/E ratio of 7.97 and a beta of 0.51. Open Text Corporation has a 52-week low of $29.30 and a 52-week high of $35.21. The stock’s 50 day moving average price is $32.72 and its 200 day moving average price is $33.06.

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by $0.07. The firm had revenue of $663.60 million for the quarter, compared to analyst estimates of $662.36 million. Open Text Corporation had a return on equity of 8.92% and a net margin of 44.77%. The company’s quarterly revenue was up 37.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.45 earnings per share. Analysts expect that Open Text Corporation will post $2.47 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Friday, September 1st will be issued a dividend of $0.132 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.65%. Open Text Corporation’s payout ratio is 12.74%.

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A number of analysts have issued reports on the company. BMO Capital Markets reaffirmed an “outperform” rating and issued a $40.00 price objective on shares of Open Text Corporation in a research note on Friday, August 4th. Scotiabank reaffirmed an “outperform” rating and issued a $50.00 price objective (up previously from $41.00) on shares of Open Text Corporation in a research note on Friday, August 4th. BidaskClub raised Open Text Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Beacon Securities raised Open Text Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Finally, Barclays PLC lifted their price objective on Open Text Corporation from $41.00 to $43.00 and gave the stock an “overweight” rating in a research note on Friday, August 4th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $42.11.

About Open Text Corporation

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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Institutional Ownership by Quarter for Open Text Corporation (NASDAQ:OTEX)

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