Wells Fargo & Company MN raised its holdings in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 713.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 45,059 shares of the software maker’s stock after acquiring an additional 39,520 shares during the quarter. Wells Fargo & Company MN’s holdings in Open Text were worth $1,455,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of OTEX. Comerica Bank grew its stake in shares of Open Text by 1.5% during the 2nd quarter. Comerica Bank now owns 14,566 shares of the software maker’s stock worth $483,000 after acquiring an additional 211 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Open Text by 19.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 283,563 shares of the software maker’s stock worth $8,943,000 after acquiring an additional 45,983 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Open Text by 20.9% during the 2nd quarter. Franklin Resources Inc. now owns 441,711 shares of the software maker’s stock worth $13,948,000 after acquiring an additional 76,274 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Open Text by 91.7% during the 2nd quarter. Alliancebernstein L.P. now owns 20,367 shares of the software maker’s stock worth $642,000 after acquiring an additional 9,741 shares in the last quarter. Finally, Nationwide Fund Advisors grew its stake in shares of Open Text by 1.7% during the 2nd quarter. Nationwide Fund Advisors now owns 52,400 shares of the software maker’s stock worth $1,653,000 after acquiring an additional 900 shares in the last quarter. 66.75% of the stock is owned by institutional investors.
Several brokerages have recently weighed in on OTEX. Royal Bank of Canada reaffirmed a “buy” rating and set a $40.00 price target on shares of Open Text in a research note on Monday, October 30th. Mitsubishi UFJ Financial Group reaffirmed an “overweight” rating on shares of Open Text in a research note on Thursday, November 2nd. Zacks Investment Research cut shares of Open Text from a “buy” rating to a “hold” rating in a research note on Friday, October 27th. Macquarie cut shares of Open Text from a “neutral” rating to an “underperform” rating and set a $31.50 price target for the company. in a research note on Wednesday, November 22nd. Finally, BidaskClub downgraded Open Text from a “hold” rating to a “sell” rating in a report on Tuesday, December 5th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. Open Text currently has an average rating of “Hold” and an average target price of $42.27.
Shares of Open Text Corp (OTEX) opened at $33.66 on Friday. The company has a market capitalization of $8,936.12, a P/E ratio of 59.05 and a beta of 0.44. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.67. Open Text Corp has a twelve month low of $30.88 and a twelve month high of $35.80.
Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, November 2nd. The software maker reported $0.14 EPS for the quarter, beating the consensus estimate of $0.11 by $0.03. Open Text had a return on equity of 6.53% and a net margin of 6.12%. analysts forecast that Open Text Corp will post 0.34 earnings per share for the current year.
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Open Text Profile
Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.
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