Open Text Corporation $OTEX Shares Bought by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership raised its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 11.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 7,730,470 shares of the software maker’s stock after acquiring an additional 810,352 shares during the period. Arrowstreet Capital Limited Partnership owned 3.04% of Open Text worth $225,898,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of OTEX. Westerkirk Capital Inc. acquired a new position in Open Text in the second quarter valued at $456,000. Brandes Investment Partners LP raised its stake in shares of Open Text by 42.7% in the 2nd quarter. Brandes Investment Partners LP now owns 8,368,336 shares of the software maker’s stock valued at $244,356,000 after purchasing an additional 2,506,058 shares in the last quarter. Claret Asset Management Corp lifted its holdings in Open Text by 7.6% during the 2nd quarter. Claret Asset Management Corp now owns 30,929 shares of the software maker’s stock worth $903,000 after buying an additional 2,194 shares during the last quarter. Virtus Advisers LLC bought a new stake in Open Text during the second quarter valued at $114,000. Finally, Bristol Gate Capital Partners Inc. raised its stake in Open Text by 6.5% during the second quarter. Bristol Gate Capital Partners Inc. now owns 34,209 shares of the software maker’s stock worth $998,000 after acquiring an additional 2,074 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Trading Down 0.4%

Shares of OTEX opened at $33.59 on Wednesday. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market cap of $8.47 billion, a price-to-earnings ratio of 20.36 and a beta of 1.08. Open Text Corporation has a 52-week low of $22.79 and a 52-week high of $39.90. The stock has a fifty day moving average price of $36.70 and a two-hundred day moving average price of $32.68.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Wednesday, November 5th. The software maker reported $1.05 EPS for the quarter, beating the consensus estimate of $1.00 by $0.05. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Open Text had a net margin of 8.43% and a return on equity of 22.52%. Open Text’s revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.93 earnings per share. Analysts predict that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Friday, December 5th. Open Text’s payout ratio is currently 57.59%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on OTEX shares. Citigroup lifted their price objective on shares of Open Text from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Zacks Research upgraded shares of Open Text from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 12th. CIBC lifted their target price on Open Text from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, October 29th. Weiss Ratings restated a “hold (c+)” rating on shares of Open Text in a research note on Monday. Finally, Jefferies Financial Group upped their price objective on shares of Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $39.42.

Open Text Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.