Susquehanna Fundamental Investments LLC Buys Shares of 289,500 Open Text Corporation $OTEX

Susquehanna Fundamental Investments LLC bought a new stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 289,500 shares of the software maker’s stock, valued at approximately $6,412,000. Susquehanna Fundamental Investments LLC owned about 0.12% of Open Text at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in OTEX. The Manufacturers Life Insurance Company bought a new position in Open Text during the 2nd quarter worth approximately $266,599,000. Norges Bank bought a new stake in shares of Open Text in the 4th quarter valued at approximately $106,700,000. Cibc World Market Inc. acquired a new stake in shares of Open Text during the 2nd quarter valued at approximately $70,939,000. First Trust Advisors LP lifted its stake in Open Text by 27.3% during the fourth quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker’s stock worth $374,394,000 after purchasing an additional 2,466,264 shares during the last quarter. Finally, BlackRock Inc. bought a new position in Open Text during the second quarter worth $46,144,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Price Performance

NASDAQ OTEX opened at $24.93 on Tuesday. The company has a 50-day moving average price of $23.75 and a two-hundred day moving average price of $23.35. Open Text Corporation has a 52 week low of $19.77 and a 52 week high of $39.90. The stock has a market cap of $6.04 billion, a price-to-earnings ratio of 9.66 and a beta of 1.03. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.43.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.21. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. Analysts forecast that Open Text Corporation will post 3.72 EPS for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be given a dividend of $0.28 per share. This is a boost from Open Text’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. This represents a $1.12 dividend on an annualized basis and a yield of 4.5%. Open Text’s payout ratio is presently 42.64%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Royal Bank Of Canada reduced their price target on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Friday, May 8th. Scotia dropped their price objective on shares of 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. Citigroup raised their target price on shares of Open Text from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Barclays upped their target price on Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Finally, Zacks Research downgraded Open Text from a “hold” rating to a “strong sell” rating in a report on Friday, August 21st. Three investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $32.46.

Open Text Company Profile

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.