Open Text Corporation (OTEX) Stake Lowered by TimesSquare Capital Management LLC

TimesSquare Capital Management LLC reduced its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 0.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,597,500 shares of the software maker’s stock after selling 4,650 shares during the quarter. TimesSquare Capital Management LLC owned approximately 0.61% of Open Text Corporation worth $50,385,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in OTEX. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Open Text Corporation during the 2nd quarter worth $1,884,000. JPMorgan Chase & Co. raised its position in shares of Open Text Corporation by 19.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 283,563 shares of the software maker’s stock valued at $8,943,000 after acquiring an additional 45,983 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its position in shares of Open Text Corporation by 85.0% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 11,290 shares of the software maker’s stock valued at $356,000 after acquiring an additional 5,186 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of Open Text Corporation by 71.1% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 15,146 shares of the software maker’s stock valued at $478,000 after acquiring an additional 6,294 shares during the last quarter. Finally, Delta Lloyd Asset Management N.V. bought a new stake in shares of Open Text Corporation during the 2nd quarter valued at $560,000. 66.28% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have commented on OTEX. BMO Capital Markets reiterated an “outperform” rating and set a $40.00 target price on shares of Open Text Corporation in a research report on Friday, August 4th. Scotiabank reiterated an “outperform” rating and set a $50.00 target price (up previously from $41.00) on shares of Open Text Corporation in a research report on Friday, August 4th. BidaskClub upgraded shares of Open Text Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. Beacon Securities upgraded shares of Open Text Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, July 5th. Finally, Barclays PLC upped their target price on shares of Open Text Corporation from $41.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, August 4th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $42.11.

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Open Text Corporation (OTEX) opened at 32.07 on Friday. The company has a market cap of $8.43 billion, a PE ratio of 8.00 and a beta of 0.48. Open Text Corporation has a 12-month low of $29.30 and a 12-month high of $35.21. The firm’s 50-day moving average price is $32.62 and its 200-day moving average price is $32.96.

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, August 3rd. The software maker reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by $0.07. The firm had revenue of $663.60 million during the quarter, compared to analyst estimates of $662.36 million. Open Text Corporation had a net margin of 44.77% and a return on equity of 8.92%. Open Text Corporation’s quarterly revenue was up 37.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.45 EPS. Equities research analysts forecast that Open Text Corporation will post $2.47 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Friday, September 1st will be paid a $0.132 dividend. This represents a $0.53 annualized dividend and a yield of 1.65%. The ex-dividend date is Wednesday, August 30th. Open Text Corporation’s dividend payout ratio (DPR) is currently 12.74%.

About Open Text Corporation

Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.

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Institutional Ownership by Quarter for Open Text Corporation (NASDAQ:OTEX)

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