Open Text Corporation (NASDAQ:OTEX) Shares Bought by Korea Investment CORP
Korea Investment CORP increased its position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 125.4% during the second quarter, Holdings Channel reports. The institutional investor owned 63,086 shares of the software maker’s stock after buying an additional 35,093 shares during the period. Korea Investment CORP’s holdings in Open Text Corporation were worth $1,988,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. World Asset Management Inc increased its position in Open Text Corporation by 0.8% in the second quarter. World Asset Management Inc now owns 15,497 shares of the software maker’s stock worth $489,000 after buying an additional 125 shares in the last quarter. US Bancorp DE increased its position in Open Text Corporation by 6.8% in the second quarter. US Bancorp DE now owns 8,206 shares of the software maker’s stock worth $258,000 after buying an additional 524 shares in the last quarter. Meadow Creek Investment Management LLC increased its position in Open Text Corporation by 99.0% in the first quarter. Meadow Creek Investment Management LLC now owns 3,088 shares of the software maker’s stock worth $105,000 after buying an additional 1,536 shares in the last quarter. Koch Industries Inc. increased its position in Open Text Corporation by 28.7% in the first quarter. Koch Industries Inc. now owns 7,237 shares of the software maker’s stock worth $246,000 after buying an additional 1,616 shares in the last quarter. Finally, Nationwide Fund Advisors increased its position in Open Text Corporation by 3.8% in the first quarter. Nationwide Fund Advisors now owns 51,500 shares of the software maker’s stock worth $1,752,000 after buying an additional 1,900 shares in the last quarter. 67.76% of the stock is owned by institutional investors.
Open Text Corporation (NASDAQ:OTEX) opened at 31.97 on Tuesday. The firm has a 50-day moving average price of $32.55 and a 200-day moving average price of $33.17. Open Text Corporation has a 12-month low of $29.30 and a 12-month high of $35.21. The stock has a market cap of $8.41 billion, a PE ratio of 7.97 and a beta of 0.51.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate 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 company had revenue of $663.60 million during the quarter, compared to the consensus estimate of $662.36 million. During the same period in the previous year, the business posted $0.45 earnings per share. The firm’s revenue was up 37.2% on a year-over-year basis. Analysts forecast that Open Text Corporation will post $2.47 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Investors of record on Friday, September 1st will be paid a $0.132 dividend. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date is Wednesday, August 30th. Open Text Corporation’s payout ratio is 12.74%.
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A number of analysts have recently issued reports on the company. Scotiabank decreased their target price on Open Text Corporation from $51.00 to $41.00 and set an “outperform” rating for the company in a report on Wednesday, May 10th. BidaskClub upgraded Open Text Corporation from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. BMO Capital Markets set a $38.00 target price on Open Text Corporation and gave the stock a “buy” rating in a report on Tuesday, May 9th. Zacks Investment Research upgraded Open Text Corporation from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 12th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $40.00 target price on shares of Open Text Corporation in a report on Wednesday, July 12th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Open Text Corporation has a consensus rating of “Buy” and a consensus target price of $42.11.
About Open Text Corporation
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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