Verition Fund Management LLC Purchases New Holdings in Open Text Corporation (OTEX)
Verition Fund Management LLC purchased a new stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the second quarter, according to its most recent filing with the SEC. The firm purchased 15,030 shares of the software maker’s stock, valued at approximately $474,000.
Other large investors also recently made changes to their positions in the company. Wells Fargo & Company MN increased its holdings in shares of Open Text Corporation by 91.9% in the 1st quarter. Wells Fargo & Company MN now owns 4,790 shares of the software maker’s stock valued at $163,000 after acquiring an additional 2,294 shares during the period. Bank of Nova Scotia Trust Co. grew its stake in Open Text Corporation by 7.5% during the 2nd quarter. Bank of Nova Scotia Trust Co. now owns 6,498 shares of the software maker’s stock worth $205,000 after buying an additional 452 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. grew its stake in Open Text Corporation by 100.0% during the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 6,200 shares of the software maker’s stock worth $210,000 after buying an additional 3,100 shares during the last quarter. Creative Planning grew its stake in Open Text Corporation by 48.7% during the 2nd quarter. Creative Planning now owns 6,714 shares of the software maker’s stock worth $212,000 after buying an additional 2,200 shares during the last quarter. Finally, Yorktown Management & Research Co Inc purchased a new position in Open Text Corporation during the 2nd quarter worth $243,000. Institutional investors and hedge funds own 66.26% of the company’s stock.
Several research analysts recently weighed in on the company. Zacks Investment Research upgraded Open Text Corporation from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a research note on Wednesday. Barclays PLC boosted their target price 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. BMO Capital Markets restated an “outperform” rating and set a $40.00 target price on shares of Open Text Corporation in a research note on Friday, August 4th. Scotiabank restated an “outperform” rating and set a $50.00 target price (up from $41.00) on shares of Open Text Corporation in a research note on Friday, August 4th. Finally, BidaskClub upgraded Open Text Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $41.75.
Shares of Open Text Corporation (OTEX) opened at 33.83 on Thursday. The firm’s 50-day moving average price is $32.49 and its 200-day moving average price is $32.73. The firm has a market cap of $8.90 billion, a PE ratio of 8.44 and a beta of 0.47. Open Text Corporation has a 12 month low of $29.30 and a 12 month high of $35.21.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.07). The firm had revenue of $663.60 million for the quarter, compared to analysts’ expectations of $662.36 million. Open Text Corporation had a return on equity of 8.92% and a net margin of 44.77%. The business’s revenue for the quarter was up 37.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.45 EPS. Analysts expect that Open Text Corporation will post $2.48 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 22nd. Investors of record on Friday, September 1st were issued a dividend of $0.132 per share. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date of this dividend was Wednesday, August 30th. Open Text Corporation’s dividend payout ratio is currently 12.74%.
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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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