Addenda Capital Inc. increased its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 4.6% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 444,088 shares of the software maker’s stock after buying an additional 19,648 shares during the period. Open Text Corporation comprises about 1.0% of Addenda Capital Inc.’s portfolio, making the stock its 24th largest position. Addenda Capital Inc. owned about 0.17% of Open Text Corporation worth $13,997,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of OTEX. Jarislowsky Fraser Ltd boosted its stake in shares of Open Text Corporation by 97.3% in the first quarter. Jarislowsky Fraser Ltd now owns 17,149,056 shares of the software maker’s stock valued at $581,219,000 after buying an additional 8,457,300 shares during the last quarter. FMR LLC boosted its stake in shares of Open Text Corporation by 116.9% in the first quarter. FMR LLC now owns 13,630,775 shares of the software maker’s stock valued at $463,293,000 after buying an additional 7,346,669 shares during the last quarter. New South Capital Management Inc. boosted its stake in shares of Open Text Corporation by 92.1% in the first quarter. New South Capital Management Inc. now owns 6,592,938 shares of the software maker’s stock valued at $224,226,000 after buying an additional 3,161,643 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Open Text Corporation by 126.3% in the first quarter. Vanguard Group Inc. now owns 5,446,137 shares of the software maker’s stock valued at $185,223,000 after buying an additional 3,039,282 shares during the last quarter. Finally, TD Asset Management Inc. boosted its stake in shares of Open Text Corporation by 114.5% in the first quarter. TD Asset Management Inc. now owns 5,186,866 shares of the software maker’s stock valued at $175,794,000 after buying an additional 2,769,306 shares during the last quarter. 67.76% of the stock is currently owned by institutional investors.
Open Text Corporation (NASDAQ OTEX) opened at 32.15 on Friday. The stock’s 50 day moving average price is $32.62 and its 200-day moving average price is $33.13. Open Text Corporation has a 1-year low of $29.30 and a 1-year high of $35.21. The company has a market cap of $8.45 billion, a PE ratio of 8.02 and a beta of 0.51.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.17 EPS for the quarter, missing the Thomson Reuters’ 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 net margin of 44.77% and a return on equity of 8.92%. The firm’s quarterly revenue was up 37.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.45 EPS. On average, analysts forecast that Open Text Corporation will post $2.47 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Friday, September 1st will be given a dividend of $0.132 per share. This represents a $0.53 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Wednesday, August 30th. Open Text Corporation’s payout ratio is presently 12.74%.
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OTEX has been the topic of several analyst reports. BidaskClub raised Open Text Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Barclays PLC boosted their price objective on Open Text Corporation from $53.00 to $56.00 in a research note on Tuesday, May 9th. TD Securities reaffirmed a “buy” rating and set a $52.00 target price on shares of Open Text Corporation in a research note on Tuesday, May 2nd. Citigroup Inc. cut their target price on Open Text Corporation from $36.00 to $35.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 9th. Finally, Beacon Securities raised Open Text Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Open Text Corporation currently has a consensus rating of “Buy” and an average target price of $42.11.
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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