Open Text Corporation $OTEX Stock Position Increased by Permit Capital LLC

Permit Capital LLC grew its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 10.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 310,000 shares of the software maker’s stock after acquiring an additional 30,000 shares during the quarter. Open Text comprises about 2.9% of Permit Capital LLC’s investment portfolio, making the stock its 10th biggest holding. Permit Capital LLC’s holdings in Open Text were worth $9,052,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Open Text by 6.1% during the 1st quarter. Vanguard Group Inc. now owns 11,151,279 shares of the software maker’s stock valued at $281,447,000 after acquiring an additional 639,514 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Open Text by 9.2% during the 1st quarter. Mackenzie Financial Corp now owns 5,876,003 shares of the software maker’s stock valued at $148,299,000 after acquiring an additional 492,897 shares during the last quarter. Letko Brosseau & Associates Inc. boosted its holdings in shares of Open Text by 11.8% during the 1st quarter. Letko Brosseau & Associates Inc. now owns 4,860,805 shares of the software maker’s stock valued at $122,664,000 after acquiring an additional 512,050 shares during the last quarter. Value Partners Investments Inc. boosted its holdings in shares of Open Text by 9.8% during the 2nd quarter. Value Partners Investments Inc. now owns 2,561,601 shares of the software maker’s stock valued at $74,709,000 after acquiring an additional 228,062 shares during the last quarter. Finally, 1832 Asset Management L.P. boosted its holdings in shares of Open Text by 0.3% during the 1st quarter. 1832 Asset Management L.P. now owns 2,365,600 shares of the software maker’s stock valued at $59,755,000 after acquiring an additional 6,921 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Barclays raised their price objective on shares of Open Text from $33.00 to $39.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 21st. National Bankshares set a $45.00 price objective on shares of Open Text and gave the stock an “outperform” rating in a report on Thursday, October 23rd. TD Securities downgraded shares of Open Text from a “buy” rating to a “hold” rating and raised their price objective for the stock from $35.00 to $40.00 in a report on Friday, October 3rd. Jefferies Financial Group downgraded shares of Open Text from a “buy” rating to a “hold” rating and set a $33.00 price objective on the stock. in a report on Tuesday, August 12th. Finally, CIBC raised their price objective on shares of Open Text from $34.00 to $40.00 and gave the stock a “neutral” rating in a report on Wednesday, October 29th. Three investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, Open Text has a consensus rating of “Hold” and a consensus target price of $38.42.

Open Text Price Performance

NASDAQ OTEX opened at $38.02 on Thursday. Open Text Corporation has a 12 month low of $22.79 and a 12 month high of $39.90. The stock has a market cap of $9.58 billion, a price-to-earnings ratio of 23.04 and a beta of 1.14. The company’s 50 day moving average is $37.15 and its two-hundred day moving average is $31.72. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, August 7th. The software maker reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.11. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter last year, the business earned $0.98 EPS. The firm’s revenue was down 3.8% compared to the same quarter last year. As a group, research analysts anticipate that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.