Wedge Capital Management L L P NC Has $4.43 Million Holdings in Open Text Corporation $OTEX

Wedge Capital Management L L P NC lifted its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 20.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 118,466 shares of the software maker’s stock after purchasing an additional 20,336 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Open Text were worth $4,428,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in OTEX. Nuveen LLC acquired a new position in Open Text in the 1st quarter valued at $4,672,000. American Century Companies Inc. increased its position in shares of Open Text by 25.7% in the first quarter. American Century Companies Inc. now owns 375,844 shares of the software maker’s stock worth $9,486,000 after purchasing an additional 76,865 shares during the period. Raymond James Financial Inc. raised its stake in Open Text by 1.4% in the first quarter. Raymond James Financial Inc. now owns 127,887 shares of the software maker’s stock valued at $3,230,000 after purchasing an additional 1,757 shares in the last quarter. Wellington Management Group LLP lifted its position in Open Text by 1.6% during the first quarter. Wellington Management Group LLP now owns 267,375 shares of the software maker’s stock worth $6,747,000 after purchasing an additional 4,136 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Open Text by 25.3% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 146,784 shares of the software maker’s stock worth $3,705,000 after buying an additional 29,648 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Open Text Trading Up 1.3%

NASDAQ OTEX opened at $33.81 on Tuesday. The firm has a market capitalization of $8.52 billion, a PE ratio of 17.70 and a beta of 1.08. The business’s 50-day moving average price is $35.41 and its two-hundred day moving average price is $33.20. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.60. Open Text Corporation has a 12 month low of $22.79 and a 12 month high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Wednesday, November 5th. The software maker reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. Open Text had a return on equity of 23.44% and a net margin of 9.60%.The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the firm earned $0.93 earnings per share. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. On average, analysts expect that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were given a dividend of $0.275 per share. The ex-dividend date was Friday, December 5th. This represents a $1.10 annualized dividend and a dividend yield of 3.3%. Open Text’s dividend payout ratio is 57.59%.

Analyst Ratings Changes

OTEX has been the topic of a number of research analyst reports. TD Cowen reaffirmed a “hold” rating and issued a $40.00 target price on shares of Open Text in a report on Friday, October 3rd. UBS Group raised their price objective on Open Text from $32.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 7th. National Bankshares set a $45.00 target price on Open Text and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. CIBC lifted their price target on shares of Open Text from $34.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, October 29th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Open Text in a research note on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, Open Text presently has a consensus rating of “Hold” and a consensus target price of $39.42.

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.