Arrowstreet Capital Limited Partnership Sells 2,152,777 Shares of Open Text Corporation $OTEX

Arrowstreet Capital Limited Partnership trimmed its position in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 58.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,528,570 shares of the software maker's stock after selling 2,152,777 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.63% of Open Text worth $34,030,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OTEX. Goldman Sachs Group Inc. lifted its stake in shares of Open Text by 75.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker's stock valued at $36,307,000 after purchasing an additional 619,527 shares during the period. United Services Automobile Association bought a new stake in Open Text in the first quarter valued at about $213,000. EverSource Wealth Advisors LLC lifted its stake in Open Text by 39.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker's stock valued at $59,000 after buying an additional 570 shares during the period. Cerity Partners LLC lifted its stake in Open Text by 3.4% in the second quarter. Cerity Partners LLC now owns 49,003 shares of the software maker's stock valued at $1,431,000 after buying an additional 1,612 shares during the period. Finally, Qube Research & Technologies Ltd boosted its holdings in Open Text by 16.8% during the second quarter. Qube Research & Technologies Ltd now owns 46,500 shares of the software maker's stock worth $1,360,000 after buying an additional 6,700 shares during the last quarter. 70.37% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on OTEX. Barclays upped their target price on shares of Open Text from $25.00 to $27.00 and gave the company an "equal weight" rating in a research note on Monday, May 11th. National Bank Financial decreased their price target on shares of Open Text from $45.00 to $33.00 and set an "outperform" rating for the company in a report on Wednesday, May 27th. Weiss Ratings restated a "hold (c-)" rating on shares of Open Text in a research report on Wednesday, June 24th. UBS Group set a $25.00 price objective on Open Text in a research note on Friday, May 8th. Finally, Wall Street Zen lowered Open Text from a "strong-buy" rating to a "buy" rating in a report on Tuesday. Four analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Open Text presently has an average rating of "Hold" and a consensus target price of $33.67.

Open Text Stock Up 5.0%

OTEX stock opened at $24.79 on Wednesday. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $6.00 billion, a P/E ratio of 12.09 and a beta of 1.04. Open Text Corporation has a fifty-two week low of $19.77 and a fifty-two week high of $39.90. The business has a 50-day moving average of $22.68 and a 200-day moving average of $23.92.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.94 by $0.07. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.26 billion. Open Text had a return on equity of 24.77% and a net margin of 9.91%.Open Text's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.82 EPS. On average, sell-side analysts anticipate that Open Text Corporation will post 4.05 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, June 5th were given a $0.275 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.4%. Open Text's payout ratio is currently 53.66%.

About Open Text

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company's platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text's product suite includes content services, business process management, customer experience management, analytics and security products.

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