Open Text Corp (OTEX) Holdings Boosted by Bank of America Corp DE

Bank of America Corp DE grew its stake in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 3.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,002,811 shares of the software maker’s stock after purchasing an additional 32,757 shares during the quarter. Bank of America Corp DE’s holdings in Open Text were worth $35,289,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of OTEX. CIBC World Markets Inc. raised its stake in shares of Open Text by 199.8% in the 1st quarter. CIBC World Markets Inc. now owns 3,877,541 shares of the software maker’s stock valued at $134,938,000 after purchasing an additional 2,583,964 shares in the last quarter. Echo Street Capital Management LLC raised its stake in shares of Open Text by 205.2% in the 1st quarter. Echo Street Capital Management LLC now owns 2,030,423 shares of the software maker’s stock valued at $70,659,000 after purchasing an additional 1,365,106 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of Open Text by 161.0% in the 2nd quarter. Toronto Dominion Bank now owns 1,413,728 shares of the software maker’s stock valued at $49,890,000 after purchasing an additional 872,081 shares in the last quarter. Unigestion Holding SA acquired a new stake in shares of Open Text in the 2nd quarter valued at about $27,942,000. Finally, CDAM UK Ltd raised its stake in shares of Open Text by 57.2% in the 2nd quarter. CDAM UK Ltd now owns 1,703,053 shares of the software maker’s stock valued at $59,930,000 after purchasing an additional 619,973 shares in the last quarter. Institutional investors and hedge funds own 67.61% of the company’s stock.

Shares of NASDAQ:OTEX opened at $38.49 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.70. Open Text Corp has a fifty-two week low of $31.61 and a fifty-two week high of $40.31. The stock has a market cap of $10.17 billion, a P/E ratio of 42.30 and a beta of 0.29.

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

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 21st. Investors of record on Friday, August 31st were given a dividend of $0.1518 per share. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend was Thursday, August 30th. Open Text’s dividend payout ratio is presently 67.03%.

A number of equities research analysts have recently issued reports on OTEX shares. BidaskClub upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research note on Wednesday, June 13th. ValuEngine upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research note on Monday, July 2nd. TD Securities upped their target price on shares of Open Text from $40.00 to $43.00 and gave the company a “buy” rating in a research note on Friday, August 3rd. Industrial Alliance Securities upped their target price on shares of Open Text from $40.00 to $42.00 in a research note on Friday, August 3rd. Finally, Raymond James upped their target price on shares of Open Text from $42.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. Open Text has an average rating of “Buy” and an average price target 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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