Wetherby Asset Management Inc. Has $295,000 Stock Holdings in Open Text Corp (NASDAQ:OTEX)

Wetherby Asset Management Inc. lifted its stake in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 18.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,172 shares of the software maker’s stock after acquiring an additional 1,136 shares during the quarter. Wetherby Asset Management Inc.’s holdings in Open Text were worth $295,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank of Montreal Can increased its stake in shares of Open Text by 11.1% in the first quarter. Bank of Montreal Can now owns 3,011,673 shares of the software maker’s stock worth $115,740,000 after acquiring an additional 301,360 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Open Text by 10.1% in the first quarter. First Trust Advisors LP now owns 2,734,060 shares of the software maker’s stock worth $105,070,000 after acquiring an additional 251,035 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Open Text by 4.1% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,499,554 shares of the software maker’s stock worth $96,001,000 after acquiring an additional 98,929 shares during the last quarter. FMR LLC increased its stake in shares of Open Text by 1.8% in the first quarter. FMR LLC now owns 1,516,784 shares of the software maker’s stock worth $58,238,000 after acquiring an additional 26,655 shares during the last quarter. Finally, Toronto Dominion Bank increased its stake in shares of Open Text by 28.0% in the first quarter. Toronto Dominion Bank now owns 1,422,968 shares of the software maker’s stock worth $54,880,000 after acquiring an additional 311,177 shares during the last quarter. 67.33% of the stock is currently owned by institutional investors and hedge funds.

OTEX has been the topic of a number of research reports. CIBC reaffirmed a “buy” rating and issued a $53.00 price target on shares of Open Text in a research note on Sunday, August 4th. Benchmark reaffirmed a “buy” rating and issued a $48.00 price target (up from $42.00) on shares of Open Text in a research note on Thursday, July 11th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $47.00 price target on shares of Open Text in a research note on Tuesday. Raymond James set a $48.00 price objective on shares of Open Text and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Zacks Investment Research cut shares of Open Text from a “hold” rating to a “sell” rating in a report on Thursday. Two analysts have rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. Open Text currently has a consensus rating of “Buy” and a consensus target price of $47.25.

NASDAQ:OTEX traded down $0.12 during trading hours on Friday, reaching $38.43. The company’s stock had a trading volume of 344,102 shares, compared to its average volume of 655,780. The company has a market cap of $10.25 billion, a P/E ratio of 36.25 and a beta of 0.53. Open Text Corp has a one year low of $30.99 and a one year high of $44.49. The business has a 50-day moving average of $41.75. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 0.67.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.27 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.10). The business had revenue of $747.20 million during the quarter, compared to the consensus estimate of $763.51 million. Open Text had a return on equity of 7.50% and a net margin of 9.95%. The company’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.72 earnings per share. Sell-side analysts forecast that Open Text Corp will post 1.57 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be issued a $0.175 dividend. The ex-dividend date is Thursday, August 29th. This is a boost from Open Text’s previous quarterly dividend of $0.17. This represents a $0.70 dividend on an annualized basis and a yield of 1.82%. Open Text’s dividend payout ratio is currently 66.04%.

Open Text Company Profile

Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.

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

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