Fort L.P. Cuts Stock Holdings in Open Text Corp (NASDAQ:OTEX)

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Fort L.P. lowered its stake in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 1.2% during the first quarter, Holdings Channel reports. The fund owned 62,560 shares of the software maker’s stock after selling 786 shares during the period. Fort L.P.’s holdings in Open Text were worth $2,185,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Cardinal Capital Management Inc. purchased a new position in Open Text in the first quarter valued at about $25,000. Sowell Financial Services LLC acquired a new position in shares of Open Text in the 1st quarter valued at $49,000. Parallel Advisors LLC boosted its holdings in shares of Open Text by 212.4% in the 1st quarter. Parallel Advisors LLC now owns 1,534 shares of the software maker’s stock valued at $53,000 after purchasing an additional 1,043 shares during the last quarter. Bartlett & Co. LLC acquired a new position in shares of Open Text in the 1st quarter valued at $68,000. Finally, Accurate Investment Solutions Inc. boosted its holdings in shares of Open Text by 64.1% in the 1st quarter. Accurate Investment Solutions Inc. now owns 2,344 shares of the software maker’s stock valued at $82,000 after purchasing an additional 916 shares during the last quarter. 66.18% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:OTEX traded down $1.73 during trading on Thursday, reaching $41.96. 20,211 shares of the company’s stock traded hands, compared to its average volume of 600,004. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.14 and a quick ratio of 1.14. Open Text Corp has a 12 month low of $29.11 and a 12 month high of $47.85. The company has a 50 day moving average of $39.57 and a 200-day moving average of $41.47. The stock has a market capitalization of $11.93 billion, a P/E ratio of 42.01 and a beta of 0.73.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, May 29th will be given a dividend of $0.1746 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend is Thursday, May 28th. Open Text’s dividend payout ratio is presently 66.04%.

OTEX has been the topic of several recent research reports. TheStreet lowered shares of Open Text from a “b-” rating to a “c” rating in a report on Thursday, April 30th. Royal Bank of Canada cut their price objective on shares of Open Text from $54.00 to $45.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. TD Securities cut their price objective on shares of Open Text from $52.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. BidaskClub upgraded shares of Open Text from a “hold” rating to a “buy” rating in a report on Wednesday, June 3rd. Finally, Pi Financial reiterated a “hold” rating and issued a $58.00 price objective on shares of Open Text in a report on Wednesday, April 29th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Open Text currently has an average rating of “Buy” and a consensus target price of $49.70.

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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