Sumitomo Mitsui Trust Holdings Inc. Raises Stake in Open Text Corp (NASDAQ:OTEX)

Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 7.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,064,598 shares of the software maker’s stock after purchasing an additional 70,541 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.39% of Open Text worth $45,075,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Mackenzie Financial Corp lifted its holdings in Open Text by 8.4% during the 1st quarter. Mackenzie Financial Corp now owns 8,806,120 shares of the software maker’s stock worth $305,477,000 after purchasing an additional 683,626 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Open Text by 41.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 8,030,602 shares of the software maker’s stock worth $277,645,000 after purchasing an additional 2,367,722 shares in the last quarter. Invesco Ltd. lifted its holdings in Open Text by 4.8% during the 1st quarter. Invesco Ltd. now owns 5,148,452 shares of the software maker’s stock worth $179,783,000 after purchasing an additional 234,686 shares in the last quarter. Praesidium Investment Management Company LLC lifted its holdings in Open Text by 15.7% during the 1st quarter. Praesidium Investment Management Company LLC now owns 4,132,969 shares of the software maker’s stock worth $144,323,000 after purchasing an additional 560,689 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Open Text by 22.7% during the 1st quarter. Franklin Resources Inc. now owns 2,783,604 shares of the software maker’s stock worth $97,114,000 after purchasing an additional 515,485 shares in the last quarter. 65.96% of the stock is currently owned by institutional investors and hedge funds.

Shares of Open Text stock opened at $45.03 on Friday. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $12.23 billion, a PE ratio of 43.30 and a beta of 0.72. The business’s 50-day moving average price is $43.12 and its 200-day moving average price is $41.31. Open Text Corp has a 12 month low of $29.11 and a 12 month high of $47.85.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, April 30th. The software maker reported $0.61 EPS for the quarter, beating the consensus estimate of $0.59 by $0.02. The firm had revenue of $814.70 million for the quarter, compared to analyst estimates of $796.47 million. Open Text had a return on equity of 7.09% and a net margin of 9.24%. The company’s revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.64 EPS. As a group, analysts predict that Open Text Corp will post 2.62 earnings per share for the current fiscal year.

OTEX has been the topic of a number of recent research reports. Zacks Investment Research cut Open Text from a “hold” rating to a “sell” rating in a report on Wednesday, July 1st. Beacon Securities cut Open Text from a “buy” rating to a “hold” rating in a report on Thursday. BMO Capital Markets reaffirmed an “outperform” rating and issued a $61.00 price target on shares of Open Text in a report on Friday, May 1st. TheStreet raised Open Text from a “c+” rating to a “b-” rating in a report on Tuesday, June 16th. Finally, Pi Financial reaffirmed a “hold” rating and issued a $58.00 price target on shares of Open Text in a report on Wednesday, April 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $50.40.

Open Text 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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