Verition Fund Management LLC Makes New Investment in Open Text Co. (NASDAQ:OTEX)

Verition Fund Management LLC acquired a new position in shares of Open Text Co. (NASDAQ:OTEXGet Rating) (TSE:OTC) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 33,410 shares of the software maker’s stock, valued at approximately $1,417,000.

A number of other hedge funds have also recently bought and sold shares of OTEX. Harris Associates L P boosted its holdings in Open Text by 23.5% during the 1st quarter. Harris Associates L P now owns 10,109,221 shares of the software maker’s stock worth $428,536,000 after acquiring an additional 1,921,206 shares during the last quarter. First Pacific Advisors LP grew its position in Open Text by 53.3% during the first quarter. First Pacific Advisors LP now owns 3,331,800 shares of the software maker’s stock valued at $141,268,000 after buying an additional 1,158,271 shares during the period. American Century Companies Inc. increased its holdings in Open Text by 14.2% during the first quarter. American Century Companies Inc. now owns 6,113,599 shares of the software maker’s stock worth $259,218,000 after buying an additional 760,505 shares during the last quarter. Renaissance Technologies LLC raised its position in Open Text by 120.5% in the first quarter. Renaissance Technologies LLC now owns 1,201,716 shares of the software maker’s stock worth $51,001,000 after acquiring an additional 656,800 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in Open Text by 4.4% in the first quarter. Mackenzie Financial Corp now owns 10,598,062 shares of the software maker’s stock valued at $450,091,000 after acquiring an additional 448,084 shares during the last quarter. 68.82% of the stock is owned by hedge funds and other institutional investors.

Open Text Stock Up 1.6 %

Shares of NASDAQ:OTEX opened at $29.10 on Tuesday. The firm has a fifty day moving average price of $36.22 and a two-hundred day moving average price of $38.82. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.56 and a quick ratio of 1.56. Open Text Co. has a one year low of $28.33 and a one year high of $52.70. The company has a market cap of $7.85 billion, a price-to-earnings ratio of 19.93 and a beta of 0.98.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 23rd. Shareholders of record on Friday, September 2nd will be issued a $0.243 dividend. This represents a $0.97 annualized dividend and a yield of 3.34%. This is an increase from Open Text’s previous quarterly dividend of $0.22. The ex-dividend date is Thursday, September 1st. Open Text’s dividend payout ratio (DPR) is presently 66.44%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on OTEX shares. CIBC lowered shares of Open Text from a “sector outperform” rating to a “neutral” rating and decreased their price target for the stock from $51.00 to $44.00 in a research note on Friday, August 26th. StockNews.com lowered shares of Open Text from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 26th. National Bankshares restated a “buy” rating and set a $60.00 price target on shares of Open Text in a research note on Friday, June 17th. Citigroup initiated coverage on shares of Open Text in a research note on Thursday, September 1st. They issued a “neutral” rating and a $34.00 price objective for the company. Finally, BMO Capital Markets reduced their price objective on shares of Open Text from $46.00 to $43.00 and set an “outperform” rating for the company in a research note on Friday, August 26th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $48.00.

Open Text Profile

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Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; security and protection solutions for defending against cyber threats, and preparing for business continuity and response in the event of a breach; digital investigation and forensic security solutions; OpenText security solutions to address information cyber resilience needs; Carbonite and Webroot products; and OpenText Information Management software platform.

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

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