First Mercantile Trust Co Lowers stake in Open Text Corporation (USA) (OTEX)

Open Text Corporation (USA) (OTEX) : First Mercantile Trust Co reduced its stake in Open Text Corporation (USA) by 8.29% during the most recent quarter end. The investment management company now holds a total of 23,135 shares of Open Text Corporation (USA) which is valued at $1,494,752 after selling 2,090 shares in Open Text Corporation (USA) , the firm said in a disclosure report filed with the SEC on Oct 7, 2016.Open Text Corporation (USA) makes up approximately 0.20% of First Mercantile Trust Co’s portfolio.

Other Hedge Funds, Including , Bnp Paribas Arbitrage Sa boosted its stake in OTEX in the latest quarter, The investment management firm added 735 additional shares and now holds a total of 13,456 shares of Open Text Corporation (USA) which is valued at $874,236.Ct Mason reduced its stake in OTEX by selling 22,644 shares or 33.05% in the most recent quarter. The Hedge Fund company now holds 45,868 shares of OTEX which is valued at $2,980,044. Open Text Corporation (USA) makes up approx 1.32% of Ct Mason’s portfolio.

Open Text Corporation (USA) closed down -0.52 points or -0.80% at $64.61 with 1,50,879 shares getting traded on Friday. Post opening the session at $65.02, the shares hit an intraday low of $64.4 and an intraday high of $65.25 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

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 .

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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