Magnetar Financial LLC Sells 13,339 Shares of Open Text Corp (OTEX)

Magnetar Financial LLC trimmed its holdings in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 68.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,271 shares of the software maker’s stock after selling 13,339 shares during the quarter. Magnetar Financial LLC’s holdings in Open Text were worth $202,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the stock. Wells Fargo & Company MN grew its stake in Open Text by 15.6% during the second quarter. Wells Fargo & Company MN now owns 5,539 shares of the software maker’s stock worth $175,000 after buying an additional 749 shares in the last quarter. Bank of Nova Scotia Trust Co. grew its stake in Open Text by 7.5% during the second quarter. Bank of Nova Scotia Trust Co. now owns 6,498 shares of the software maker’s stock worth $205,000 after buying an additional 452 shares in the last quarter. Harbour Capital Advisors LLC acquired a new stake in Open Text during the third quarter worth about $245,000. Yorktown Management & Research Co Inc acquired a new stake in Open Text during the second quarter worth about $243,000. Finally, US Bancorp DE grew its stake in Open Text by 6.8% during the second quarter. US Bancorp DE now owns 8,206 shares of the software maker’s stock worth $258,000 after buying an additional 524 shares in the last quarter. 66.77% of the stock is currently owned by institutional investors and hedge funds.

Shares of Open Text Corp (NASDAQ:OTEX) opened at $32.79 on Monday. Open Text Corp has a one year low of $30.14 and a one year high of $35.45. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.67. The firm has a market cap of $8,705.16, a P/E ratio of 57.53 and a beta of 0.44.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Friday, December 1st will be paid a $0.132 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.61%. Open Text’s payout ratio is currently 92.98%.

A number of brokerages have issued reports on OTEX. CIBC increased their price objective on shares of Open Text from $41.00 to $42.00 in a research note on Friday, November 3rd. BidaskClub downgraded shares of Open Text from a “hold” rating to a “sell” rating in a research note on Tuesday, December 5th. TD Securities increased their price objective on shares of Open Text from $38.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, November 3rd. Mitsubishi UFJ Financial Group reiterated an “overweight” rating on shares of Open Text in a research note on Thursday, November 2nd. Finally, Raymond James Financial downgraded shares of Open Text to an “underperform” rating and set a $40.00 price objective on the stock. in a research note on Wednesday, November 22nd. 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. Open Text presently has a consensus rating of “Hold” and an average price target of $42.27.

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About Open Text

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

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