Open Text Corp (OTEX) Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. cut its holdings in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 31.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 11,109 shares of the software maker’s stock after selling 5,160 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Open Text were worth $423,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Thomas White International Ltd. boosted its stake in Open Text by 1.6% in the second quarter. Thomas White International Ltd. now owns 89,761 shares of the software maker’s stock valued at $3,159,000 after buying an additional 1,442 shares in the last quarter. Eqis Capital Management Inc. boosted its stake in Open Text by 20.4% in the second quarter. Eqis Capital Management Inc. now owns 15,766 shares of the software maker’s stock valued at $555,000 after buying an additional 2,669 shares in the last quarter. Eagle Global Advisors LLC boosted its stake in Open Text by 5.7% in the second quarter. Eagle Global Advisors LLC now owns 50,140 shares of the software maker’s stock valued at $1,764,000 after buying an additional 2,700 shares in the last quarter. AT Bancorp boosted its stake in Open Text by 4.0% in the second quarter. AT Bancorp now owns 71,225 shares of the software maker’s stock valued at $2,506,000 after buying an additional 2,725 shares in the last quarter. Finally, Greenleaf Trust boosted its stake in Open Text by 79.0% in the second quarter. Greenleaf Trust now owns 7,045 shares of the software maker’s stock valued at $248,000 after buying an additional 3,110 shares in the last quarter. 67.67% of the stock is currently owned by institutional investors and hedge funds.

Shares of OTEX stock opened at $33.71 on Thursday. Open Text Corp has a 12 month low of $31.98 and a 12 month high of $40.31. The stock has a market cap of $8.89 billion, a PE ratio of 37.04 and a beta of 0.46. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.70.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Wednesday, October 31st. The software maker reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.01. Open Text had a return on equity of 7.99% and a net margin of 8.51%. The firm had revenue of $667.20 million for the quarter, compared to analyst estimates of $692.53 million. During the same period last year, the firm posted $0.54 earnings per share. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. Equities analysts predict that Open Text Corp will post 0.77 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Friday, November 30th will be paid a $0.1518 dividend. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend is Thursday, November 29th. Open Text’s dividend payout ratio is currently 67.03%.

A number of analysts have recently commented on OTEX shares. BidaskClub lowered Open Text from a “buy” rating to a “hold” rating in a research note on Friday, September 21st. Raymond James reissued an “outperform” rating and set a $48.00 price target on shares of Open Text in a research note on Monday, October 22nd. Barclays lifted their price target on Open Text from $46.00 to $48.00 and gave the company an “overweight” rating in a research note on Monday, August 6th. Scotiabank reissued a “buy” rating and set a $46.00 price target on shares of Open Text in a research note on Friday, August 3rd. Finally, TD Securities lifted their price target on Open Text from $40.00 to $43.00 and gave the company a “buy” rating in a research note on Friday, August 3rd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company’s stock. Open Text has a consensus rating of “Buy” and a consensus price target of $44.20.

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About Open Text

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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