Turtle Creek Asset Management buys $44,445,108 stake in Open Text Corporation (USA) (OTEX)

Open Text Corporation (USA) (OTEX) : Turtle Creek Asset Management scooped up 7,100 additional shares in Open Text Corporation (USA) during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 11, 2016. The investment management firm now holds a total of 703,468 shares of Open Text Corporation (USA) which is valued at $44,445,108.Open Text Corporation (USA) makes up approximately 16.68% of Turtle Creek Asset Management’s portfolio.

Other Hedge Funds, Including , Jarislowsky Fraser Ltd reduced its stake in OTEX by selling 65,838 shares or 0.77% in the most recent quarter. The Hedge Fund company now holds 8,521,600 shares of OTEX which is valued at $538,394,688. Open Text Corporation (USA) makes up approx 3.80% of Jarislowsky Fraser Ltd’s portfolio.Vanguard Group Inc boosted its stake in OTEX in the latest quarter, The investment management firm added 237,597 additional shares and now holds a total of 2,291,882 shares of Open Text Corporation (USA) which is valued at $144,801,105. Open Text Corporation (USA) makes up approx 0.01% of Vanguard Group Inc’s portfolio. Harel Insurance Investments Financial Services Ltd. added OTEX to its portfolio by purchasing 230 company shares during the most recent quarter which is valued at $14,138.Zurcher Kantonalbank (zurich Cantonalbank) boosted its stake in OTEX in the latest quarter, The investment management firm added 1,674 additional shares and now holds a total of 36,384 shares of Open Text Corporation (USA) which is valued at $2,236,524. Open Text Corporation (USA) makes up approx 0.03% of Zurcher Kantonalbank (zurich Cantonalbank)’s portfolio.

Open Text Corporation (USA) opened for trading at $62.83 and hit $63.21 on the upside on Tuesday, eventually ending the session at $62.87, with a gain of 0.80% or 0.5 points. The heightened volatility saw the trading volume jump to 1,51,367 shares. Company has a market cap of $7,635 M.

On the company’s financial health, Open Text Corporation (USA) reported $0.89 EPS for the quarter, missing the analyst consensus estimate by $ -0.05 based on the information available during the earnings call on Jul 27, 2016. Analyst had a consensus of $0.94. The company had revenue of $484.00 million for the quarter, compared to analysts expectations of $486.64 million. The company’s revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.87 EPS.

Many Wall Street Analysts have commented on Open Text Corporation (USA). Company shares were Reiterated by The Benchmark Company on Jul 28, 2016 to “Buy”, Firm has raised the Price Target to $ 75 from a previous price target of $65 .Company shares were Reiterated by RBC Capital Mkts on Jun 21, 2016 to “Outperform”, Firm has raised the Price Target to $ 70 from a previous price target of $60 .

Open Text Corporation is a Canada-based company operating in enterprise information market (EIM). The Company provides software products and services to organizations in finding utilizing and sharing business information. The Company’s products and services include enterprise content management (ECM) business process management (BPM) customer experience management (CEM) information exchange (iX) discovery and analytics and reporting. Its ECM solutions include content management archiving and core among others. Its BPM solutions include process suite platform capture and recognition systems and process suite solutions. Its CEM solutions include Web content management digital asset management and portal. Its iX solutions include business-to-business (B2B) integration fax solutions and secure messaging. Its discovery solutions include search and InfoFusion. Its analytics and reporting solutions include embedded analytics and reporting and advanced analytics.

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