Arrowstreet Capital Limited Partnership Has $225.90 Million Position in Open Text Corporation $OTEX

Arrowstreet Capital Limited Partnership increased its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 11.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 7,730,470 shares of the software maker’s stock after acquiring an additional 810,352 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Open Text were worth $225,898,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in OTEX. MAI Capital Management grew its holdings in shares of Open Text by 58.7% during the second quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock worth $47,000 after buying an additional 590 shares in the last quarter. Cromwell Holdings LLC boosted its stake in shares of Open Text by 27.4% during the 2nd quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock worth $48,000 after acquiring an additional 352 shares during the period. Headlands Technologies LLC lifted its stake in shares of Open Text by 360.6% during the 1st quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker’s stock worth $73,000 after buying an additional 2,261 shares during the last quarter. Virtus Advisers LLC acquired a new position in shares of Open Text in the second quarter valued at approximately $114,000. Finally, United Services Automobile Association acquired a new stake in shares of Open Text during the first quarter worth $213,000. 70.37% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on OTEX. Zacks Research raised Open Text from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 12th. Weiss Ratings restated a “hold (c+)” rating on shares of Open Text in a report on Monday. Wall Street Zen upgraded Open Text from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Jefferies Financial Group upped their price target on shares of Open Text from $33.00 to $35.00 and gave the company a “hold” rating in a research report on Thursday, November 6th. Finally, Citigroup boosted their target price 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. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Open Text currently has an average rating of “Hold” and an average target price of $39.42.

Open Text Price Performance

Shares of NASDAQ OTEX opened at $33.59 on Wednesday. Open Text Corporation has a 1-year low of $22.79 and a 1-year high of $39.90. The stock has a fifty day simple moving average of $36.70 and a two-hundred day simple moving average of $32.68. The firm has a market cap of $8.47 billion, a price-to-earnings ratio of 20.36 and a beta of 1.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Wednesday, November 5th. The software maker reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.27 billion. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The company’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter last year, the business earned $0.93 earnings per share. Analysts anticipate that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Dividend Announcement

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

Open Text Company 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.