Raymond James & Associates lowered its stake in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 63.6% during the second quarter, HoldingsChannel reports. The firm owned 28,119 shares of the software maker’s stock after selling 49,075 shares during the quarter. Raymond James & Associates’ holdings in Open Text were worth $990,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of OTEX. Toronto Dominion Bank increased its holdings in shares of Open Text by 161.0% during the 2nd quarter. Toronto Dominion Bank now owns 1,413,728 shares of the software maker’s stock worth $49,890,000 after acquiring an additional 872,081 shares during the last quarter. Unigestion Holding SA acquired a new position in shares of Open Text during the 2nd quarter worth approximately $27,942,000. CDAM UK Ltd increased its holdings in shares of Open Text by 57.2% during the 2nd quarter. CDAM UK Ltd now owns 1,703,053 shares of the software maker’s stock worth $59,930,000 after acquiring an additional 619,973 shares during the last quarter. Addenda Capital Inc. increased its holdings in shares of Open Text by 97.2% during the 2nd quarter. Addenda Capital Inc. now owns 850,046 shares of the software maker’s stock worth $29,720,000 after acquiring an additional 418,938 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Open Text by 352.1% during the 1st quarter. Millennium Management LLC now owns 482,756 shares of the software maker’s stock worth $16,800,000 after acquiring an additional 375,966 shares during the last quarter. 67.51% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ OTEX opened at $33.99 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.70. Open Text Corp has a one year low of $32.05 and a one year high of $40.31. The firm has a market capitalization of $9.35 billion, a price-to-earnings ratio of 37.35 and a beta of 0.27.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 2nd. The software maker reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.04. Open Text had a return on equity of 8.09% and a net margin of 8.60%. The firm had revenue of $754.30 million for the quarter, compared to analyst estimates of $732.02 million. During the same period in the prior year, the firm posted $0.60 EPS. The company’s revenue for the quarter was up 13.7% on a year-over-year basis. Equities analysts forecast that Open Text Corp will post 0.74 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 21st. Shareholders of record on Friday, August 31st were issued a $0.1518 dividend. This represents a $0.61 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date was Thursday, August 30th. Open Text’s dividend payout ratio is 67.03%.

A number of research analysts recently weighed in on OTEX shares. BidaskClub lowered Open Text from a “buy” rating to a “hold” rating in a report on Friday, September 21st. Barclays boosted their target price on Open Text from $46.00 to $48.00 and gave the stock an “overweight” rating in a report on Monday, August 6th. Scotiabank reissued a “buy” rating and set a $46.00 target price on shares of Open Text in a report on Friday, August 3rd. Raymond James boosted their target price on Open Text from $42.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, August 3rd. Finally, TD Securities boosted their target price on Open Text from $40.00 to $43.00 and gave the stock a “buy” rating in a report on Friday, August 3rd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $44.18.

Open Text Company Profile

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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