Franklin Resources Inc. grew its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 20.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 441,711 shares of the software maker’s stock after purchasing an additional 76,274 shares during the quarter. Franklin Resources Inc. owned approximately 0.17% of Open Text Corporation worth $13,948,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Open Text Corporation in the 2nd quarter valued at about $1,884,000. JPMorgan Chase & Co. raised its stake in shares of Open Text Corporation by 19.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 283,563 shares of the software maker’s stock valued at $8,943,000 after purchasing an additional 45,983 shares in the last quarter. Commerzbank Aktiengesellschaft FI raised its stake in shares of Open Text Corporation by 85.0% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 11,290 shares of the software maker’s stock valued at $356,000 after purchasing an additional 5,186 shares in the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of Open Text Corporation by 71.1% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 15,146 shares of the software maker’s stock valued at $478,000 after purchasing an additional 6,294 shares in the last quarter. Finally, Delta Lloyd Asset Management N.V. acquired a new stake in shares of Open Text Corporation in the 2nd quarter valued at about $560,000. Institutional investors and hedge funds own 66.27% of the company’s stock.
A number of equities research analysts have recently issued reports on the stock. BidaskClub upgraded shares of Open Text Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Zacks Investment Research upgraded shares of Open Text Corporation from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Royal Bank Of Canada reiterated a “buy” rating and set a $40.00 price objective on shares of Open Text Corporation in a research note on Wednesday, July 12th. Scotiabank reiterated an “outperform” rating and set a $50.00 price objective (up previously from $41.00) on shares of Open Text Corporation in a research note on Friday, August 4th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $40.00 price objective on shares of Open Text Corporation in a research note on Friday, August 4th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $42.11.
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Shares of Open Text Corporation (OTEX) opened at 32.07 on Friday. Open Text Corporation has a 1-year low of $29.30 and a 1-year high of $35.21. The company’s 50-day moving average is $32.34 and its 200 day moving average is $32.90. The firm has a market cap of $8.43 billion, a price-to-earnings ratio of 8.00 and a beta of 0.48.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.07). The business had revenue of $663.60 million for the quarter, compared to the consensus estimate of $662.36 million. Open Text Corporation had a return on equity of 8.92% and a net margin of 44.77%. Open Text Corporation’s revenue was up 37.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 earnings per share. On average, equities research analysts expect that Open Text Corporation will post $2.48 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 22nd. Investors of record on Friday, September 1st were issued a dividend of $0.132 per share. This represents a $0.53 annualized dividend and a yield of 1.65%. The ex-dividend date was Wednesday, August 30th. Open Text Corporation’s dividend payout ratio 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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