Highstreet Asset Management Inc. lifted its holdings in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 2.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 590,303 shares of the software maker’s stock after buying an additional 12,883 shares during the quarter. Open Text makes up about 1.2% of Highstreet Asset Management Inc.’s holdings, making the stock its 27th biggest holding. Highstreet Asset Management Inc. owned 0.22% of Open Text worth $20,776,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Premia Global Advisors LLC bought a new position in Open Text in the 1st quarter worth about $108,000. AdvisorNet Financial Inc bought a new position in Open Text in the 2nd quarter worth about $115,000. Signaturefd LLC bought a new position in Open Text in the 1st quarter worth about $185,000. Wetherby Asset Management Inc. bought a new position in Open Text in the 1st quarter worth about $219,000. Finally, A.R.T. Advisors LLC bought a new position in Open Text in the 1st quarter worth about $236,000. 68.04% of the stock is currently owned by hedge funds and other institutional investors.

OTEX opened at $39.57 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.70. The stock has a market cap of $10.43 billion, a price-to-earnings ratio of 43.47 and a beta of 0.30. Open Text Corp has a 52-week low of $31.21 and a 52-week high of $40.31.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, August 2nd. The software maker reported $0.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.04. The business had revenue of $754.30 million for the quarter, compared to analysts’ expectations of $732.02 million. Open Text had a net margin of 8.60% and a return on equity of 8.09%. The business’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.60 EPS. analysts expect that Open Text Corp will post 0.74 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 21st. Shareholders of record on Friday, August 31st will be paid a dividend of $0.1518 per share. This represents a $0.61 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend is Thursday, August 30th. Open Text’s dividend payout ratio is currently 67.03%.

OTEX has been the topic of a number of analyst reports. BidaskClub upgraded shares of Open Text from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 10th. Scotiabank reiterated a “buy” rating and issued a $46.00 price target on shares of Open Text in a research note on Friday, August 3rd. Royal Bank of Canada dropped their price target on shares of Open Text from $46.00 to $44.00 and set an “outperform” rating on the stock in a research note on Thursday, May 10th. Barclays upped their price target on shares of Open Text from $46.00 to $48.00 and gave the stock an “overweight” rating in a research note on Monday, August 6th. Finally, Industrial Alliance Securities upped their target price on shares of Open Text from $40.00 to $42.00 in a research note on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Open Text presently has an average rating of “Buy” and an average price target of $44.18.

Open Text Profile

Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.

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

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