TD Asset Management Inc Buys 217,545 Shares of Open Text Corporation $OTEX

TD Asset Management Inc increased its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 11.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,147,997 shares of the software maker’s stock after purchasing an additional 217,545 shares during the period. TD Asset Management Inc’s holdings in Open Text were worth $80,307,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. JARISLOWSKY FRASER Ltd grew its stake in Open Text by 0.6% during the third quarter. JARISLOWSKY FRASER Ltd now owns 21,150,154 shares of the software maker’s stock worth $790,736,000 after buying an additional 117,436 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Open Text by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 11,689,086 shares of the software maker’s stock valued at $436,926,000 after buying an additional 229,758 shares in the last quarter. Brandes Investment Partners LP lifted its holdings in shares of Open Text by 42.7% during the 2nd quarter. Brandes Investment Partners LP now owns 8,368,336 shares of the software maker’s stock worth $244,356,000 after acquiring an additional 2,506,058 shares during the period. First Trust Advisors LP boosted its position in shares of Open Text by 1.5% during the 2nd quarter. First Trust Advisors LP now owns 8,262,084 shares of the software maker’s stock worth $241,328,000 after acquiring an additional 119,163 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in Open Text by 11.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 7,730,470 shares of the software maker’s stock valued at $225,898,000 after acquiring an additional 810,352 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Open Text Trading Up 2.3%

NASDAQ OTEX opened at $25.05 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.57. Open Text Corporation has a twelve month low of $22.44 and a twelve month high of $39.90. The company has a market cap of $6.28 billion, a price-to-earnings ratio of 14.74 and a beta of 1.08. The business’s fifty day moving average is $28.63 and its 200 day moving average is $32.94.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, February 5th. The software maker reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.09. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Open Text had a return on equity of 23.60% and a net margin of 8.42%.The business’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.11 EPS. As a group, sell-side analysts expect that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Friday, March 6th. Open Text’s dividend payout ratio (DPR) is 64.71%.

Wall Street Analysts Forecast Growth

OTEX has been the subject of several recent analyst reports. Zacks Research cut Open Text from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. UBS Group set a $26.00 price target on Open Text in a research note on Friday, February 6th. TD Securities upgraded Open Text to a “hold” rating in a research report on Monday, February 2nd. Citigroup reduced their price objective on Open Text from $36.00 to $26.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. Finally, Raymond James Financial decreased their target price on Open Text from $48.00 to $42.00 and set an “outperform” rating on the stock in a research report on Friday, February 6th. Three investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $35.75.

Open Text 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.