Paloma Partners Management Co Lowers Stake in Open Text Corp (OTEX)

Paloma Partners Management Co lessened its holdings in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 36.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 10,144 shares of the software maker’s stock after selling 5,804 shares during the quarter. Paloma Partners Management Co’s holdings in Open Text were worth $357,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in OTEX. Wells Fargo & Company MN lifted its position in shares of Open Text by 4.2% in the 1st quarter. Wells Fargo & Company MN now owns 99,321 shares of the software maker’s stock worth $3,456,000 after purchasing an additional 4,003 shares during the period. Neuberger Berman Group LLC purchased a new stake in shares of Open Text in the 1st quarter worth approximately $241,000. Northern Trust Corp lifted its position in shares of Open Text by 40.9% in the 1st quarter. Northern Trust Corp now owns 151,311 shares of the software maker’s stock worth $5,265,000 after purchasing an additional 43,956 shares during the period. BlackRock Inc. lifted its position in Open Text by 31.6% during the first quarter. BlackRock Inc. now owns 1,133,965 shares of the software maker’s stock valued at $39,463,000 after acquiring an additional 272,127 shares during the last quarter. Finally, Federated Investors Inc. PA lifted its position in Open Text by 130.0% during the first quarter. Federated Investors Inc. PA now owns 69,000 shares of the software maker’s stock valued at $2,401,000 after acquiring an additional 39,000 shares during the last quarter. 67.61% of the stock is owned by hedge funds and other institutional investors.

NASDAQ:OTEX opened at $37.91 on Thursday. Open Text Corp has a 52 week low of $31.52 and a 52 week high of $40.31. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.33 and a quick ratio of 1.33. The company has a market cap of $10.18 billion, a P/E ratio of 41.66 and a beta of 0.29.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, August 2nd. The software maker reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.04. Open Text had a net margin of 8.60% and a return on equity of 8.09%. The company had revenue of $754.30 million during the quarter, compared to analysts’ expectations of $732.02 million. During the same quarter in the prior year, the company posted $0.60 earnings per share. Open Text’s revenue for the quarter was up 13.7% compared to the same quarter last year. equities analysts anticipate that Open Text Corp will post 0.74 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 21st. Shareholders of record on Friday, August 31st were paid a dividend of $0.1518 per share. The ex-dividend date of this dividend was Thursday, August 30th. This represents a $0.61 dividend on an annualized basis and a yield of 1.60%. Open Text’s payout ratio is 67.03%.

A number of research firms recently commented on OTEX. BidaskClub cut shares of Open Text from a “buy” rating to a “hold” rating in a research report on Friday, September 21st. ValuEngine raised shares of Open Text from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. Industrial Alliance Securities increased their target price on shares of Open Text from $40.00 to $42.00 in a research report on Friday, August 3rd. Royal Bank of Canada increased their target price on shares of Open Text from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, August 3rd. Finally, TD Securities increased their target price on shares of Open Text from $40.00 to $43.00 and gave the company a “buy” rating in a research report on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $44.18.

Open Text 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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