Engineers Gate Manager LP Buys 78,332 Shares of Open Text Corporation $OTEX

Key Points

• Engineers Gate Manager LP increased its Open Text stake by 807.5% in the second quarter, purchasing 78,332 additional shares for a total holding of 88,032 shares valued at approximately $1.95 million. Institutional investors collectively own 70.37% of the company.
• Open Text reported quarterly EPS of $1.23, exceeding estimates of $1.02, while revenue rose 2.9% year over year to $1.33 billion. The stock recently traded at $23.68, with a market capitalization of $5.73 billion.
• The company declared a quarterly dividend of $0.28, equivalent to an annualized yield of about 4.7%. Wall Street’s consensus rating remains “Hold,” with an average price target of $32.46.

Engineers Gate Manager LP increased its stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 807.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 88,032 shares of the software maker's stock after acquiring an additional 78,332 shares during the quarter. Engineers Gate Manager LP's holdings in Open Text were worth $1,950,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Byrne Asset Management LLC boosted its stake in shares of Open Text by 11.5% during the second quarter. Byrne Asset Management LLC now owns 4,837 shares of the software maker's stock valued at $107,000 after purchasing an additional 500 shares during the period. Legacy Wealth Asset Management LLC increased its stake in shares of Open Text by 2.9% in the second quarter. Legacy Wealth Asset Management LLC now owns 21,435 shares of the software maker's stock worth $475,000 after buying an additional 595 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Open Text by 23.0% in the first quarter. PNC Financial Services Group Inc. now owns 4,117 shares of the software maker's stock worth $92,000 after buying an additional 769 shares during the period. Hantz Financial Services Inc. boosted its position in Open Text by 2.1% during the 4th quarter. Hantz Financial Services Inc. now owns 39,183 shares of the software maker's stock valued at $1,277,000 after buying an additional 794 shares during the period. Finally, IMA Advisory Services Inc. grew its holdings in Open Text by 3.3% in the 1st quarter. IMA Advisory Services Inc. now owns 32,771 shares of the software maker's stock worth $729,000 after acquiring an additional 1,054 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Stock Performance

Shares of OTEX opened at $23.68 on Wednesday. Open Text Corporation has a one year low of $19.77 and a one year high of $39.90. The firm has a market capitalization of $5.73 billion, a PE ratio of 9.18 and a beta of 1.02. The company has a 50-day simple moving average of $24.04 and a two-hundred day simple moving average of $23.30. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.81 and a quick ratio of 0.81.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its earnings results on Thursday, August 6th. The software maker reported $1.23 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.21. The company had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.29 billion. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The firm's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.97 EPS. On average, analysts anticipate that Open Text Corporation will post 3.72 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 4.7%. This is a boost from Open Text's previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. Open Text's dividend payout ratio is currently 43.41%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on OTEX shares. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Open Text in a research note on Wednesday, June 24th. Zacks Research downgraded Open Text from a "hold" rating to a "strong sell" rating in a report on Friday, August 21st. UBS Group upped their price target on Open Text from $25.00 to $27.00 and gave the company a "neutral" rating in a research report on Friday, August 7th. Wall Street Zen upgraded Open Text from a "hold" rating to a "buy" rating in a report on Saturday, September 5th. Finally, Scotiabank reduced their target price on Open Text from $40.00 to $33.00 and set a "sector outperform" rating on the stock in a research note on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Open Text currently has an average rating of "Hold" and a consensus target price of $32.46.

Open Text Profile

Open Text Corporation NASDAQ: OTEX is a Canadian software company that develops enterprise information management solutions. Its products help organizations capture, manage, secure, govern and exchange business information across content, processes and communications.

The company offers software and services through areas that include content management, business process automation, customer experience management, business-to-business integration, data protection and cybersecurity. OpenText's portfolio supports cloud and on-premises deployments and is designed for use by businesses, governments and other large organizations.

Founded in 1991 and headquartered in Waterloo, Ontario, OpenText serves customers internationally across a broad range of industries and geographies.

Want to see what other hedge funds are holding OTEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.