Verition Fund Management LLC Buys Shares of 5,227 Open Text Corp (NASDAQ:OTEX)
Verition Fund Management LLC bought a new stake in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) during the second quarter, Holdings Channel.com reports. The fund bought 5,227 shares of the software maker’s stock, valued at approximately $222,000.
Other hedge funds have also modified their holdings of the company. Pictet Asset Management Ltd. raised its holdings in Open Text by 4.0% during the 1st quarter. Pictet Asset Management Ltd. now owns 104,635 shares of the software maker’s stock valued at $3,654,000 after acquiring an additional 4,000 shares during the period. State of Tennessee Treasury Department grew its holdings in Open Text by 1.8% in the second quarter. State of Tennessee Treasury Department now owns 202,970 shares of the software maker’s stock worth $8,593,000 after purchasing an additional 3,611 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Open Text by 7.1% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,064,598 shares of the software maker’s stock valued at $45,075,000 after buying an additional 70,541 shares during the last quarter. Scotia Capital Inc. grew its holdings in shares of Open Text by 22.6% during the second quarter. Scotia Capital Inc. now owns 539,638 shares of the software maker’s stock valued at $23,562,000 after buying an additional 99,546 shares during the last quarter. Finally, Swiss National Bank grew its holdings in shares of Open Text by 8.9% during the second quarter. Swiss National Bank now owns 1,154,000 shares of the software maker’s stock valued at $48,671,000 after buying an additional 94,100 shares during the last quarter. 63.80% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have recently commented on OTEX shares. Citigroup increased their price target on shares of Open Text from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Raymond James raised their target price on shares of Open Text from $45.00 to $49.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. BMO Capital Markets raised their target price on shares of Open Text from $44.00 to $54.00 in a report on Friday, August 7th. Veritas Investment Research cut shares of Open Text from a “buy” rating to a “sell” rating in a report on Monday, August 10th. Finally, Pi Financial restated a “neutral” rating on shares of Open Text in a report on Wednesday, August 5th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $51.00.
Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 6th. The software maker reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.19. Open Text had a net margin of 7.53% and a return on equity of 10.54%. The business had revenue of $826.60 million during the quarter, compared to analysts’ expectations of $809.36 million. During the same period last year, the company posted $0.74 EPS. The business’s revenue was up 10.6% on a year-over-year basis. On average, analysts expect that Open Text Corp will post 2.91 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a dividend of $0.175 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $0.70 dividend on an annualized basis and a yield of 1.64%. Open Text’s dividend payout ratio (DPR) is presently 25.00%.
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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