Open Text Corporation (OTEX) Holdings Reduced by Scotia Capital Inc.

Scotia Capital Inc. decreased its position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 29.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 219,012 shares of the software maker’s stock after selling 90,703 shares during the period. Scotia Capital Inc. owned 0.08% of Open Text Corporation worth $6,893,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Bank of Nova Scotia raised its stake in Open Text Corporation by 55.2% during the 2nd quarter. Bank of Nova Scotia now owns 240,739 shares of the software maker’s stock worth $7,599,000 after acquiring an additional 85,639 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in Open Text Corporation by 39.4% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 50,763 shares of the software maker’s stock worth $1,603,000 after acquiring an additional 14,355 shares during the period. The Manufacturers Life Insurance Company raised its stake in Open Text Corporation by 5.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,827,929 shares of the software maker’s stock worth $215,124,000 after acquiring an additional 340,986 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in Open Text Corporation by 67.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,068,128 shares of the software maker’s stock worth $65,198,000 after acquiring an additional 832,902 shares during the period. Finally, Sciencast Management LP raised its stake in Open Text Corporation by 32.5% during the 2nd quarter. Sciencast Management LP now owns 23,189 shares of the software maker’s stock worth $731,000 after acquiring an additional 5,683 shares during the period. Institutional investors own 66.27% of the company’s stock.

A number of equities research analysts have commented on the stock. Scotiabank restated an “outperform” rating and set a $50.00 target price (up previously from $41.00) on shares of Open Text Corporation in a research note on Friday, August 4th. BidaskClub cut shares of Open Text Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, June 29th. Royal Bank Of Canada restated a “buy” rating and set a $40.00 target price on shares of Open Text Corporation in a research note on Wednesday, July 12th. Zacks Investment Research upgraded shares of Open Text Corporation from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, 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. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Open Text Corporation has a consensus rating of “Buy” and an average target price of $42.29.

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Open Text Corporation (OTEX) traded up 0.45% during midday trading on Wednesday, hitting $33.60. 71,397 shares of the stock traded hands. The firm has a market cap of $8.88 billion, a PE ratio of 8.38 and a beta of 0.47. The company’s 50 day moving average price is $32.20 and its 200 day moving average price is $32.73. 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 announced its earnings results on Thursday, August 3rd. The software maker reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.07). Open Text Corporation had a net margin of 44.77% and a return on equity of 8.92%. The business had revenue of $663.60 million for the quarter, compared to analysts’ expectations of $662.36 million. During the same quarter last year, the business earned $0.45 EPS. The company’s quarterly revenue was up 37.2% on a year-over-year basis. Equities research analysts predict that Open Text Corporation will post $2.48 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 22nd. Stockholders of record on Friday, September 1st were given a dividend of $0.132 per share. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.58%. Open Text Corporation’s dividend payout ratio (DPR) is 12.74%.

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

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