As Open Text Corp (NASDAQ:OTEX) Price Rose, Shareholder Echo Street Capital Management Llc Upped Its Position by $46.41 Million

May 17, 2018 - By Darrel Chase

Open Text Corporation (NASDAQ:OTEX) Corporate Logo

Based on the latest 2018Q1 filling from the SEC, Echo Street Capital Management Llc increased its stake in Open Text Corp (NASDAQ:OTEX) by 205.18%. Open Text Corp (NASDAQ:OTEX) stock Popped Up 3.97% while Echo Street Capital Management Llc bought 1.37M shares. In 2018Q1, the 2.03M shares in Open Text Corp (NASDAQ:OTEX) held by Echo Street Capital Management Llc were priced $70.66M, up from 665,317 last quarter. $9.13B is the Open Text Corp’s MC. OTEX reached $34.13 during the last trading session after $0.08 change.Open Text Corporation is uptrending after having risen 0.38% since May 17, 2017. OTEX has 560,875 volume or 9.30% up from normal. The stock underperformed the S&P500 by 11.17%.

According to the filling Echo Street Capital Management Llc decreased its stake in Workday Inc (NYSE:WDAY) by 88,675 shares to 73,021 shares, valued at $9.28 million in 2018Q1. The fund has $2.68 billion and $3.43 billion US longs. Echo Street Capital Management Llc cut its stake in Essex Ppty Tr Inc (NYSE:ESS) and reduced Coca Cola European Partners () position by 418,489 shares for a total of 166,284 shares.

Greg Poole, founder of Echo Street Capital, is a former employee of Goldman Sachs. He focuses his tactics on special situations, event driven, the real estate sector, and traditional long and short strategies. Echo Street Capital Management Llc is a New York-based hedge fund that was founded by Greg Poole. It had more than $2.68 billion assets under management in November, 2014. Taken from Echo Street Capital Management latest Adv, the fund reported to have 10 full and part-time employees. Among which 9 performing investment advisory and research functions. The hedge fund had between 1-10 clients.

Open Text Corporation (NASDAQ:OTEX) Ratings Coverage

In total 7 analysts cover Open Text (NASDAQ:OTEX). “Buy” rating has 6, “Sell” are 1, while 0 are “Hold”. (NASDAQ:OTEX) has 86% bullish analysts. 7 are the (NASDAQ:OTEX)’s ratings reports on 17 May 2018 according to StockzIntelligence Inc. The company rating was maintained by RBC Capital Markets on Thursday, February 1. On Thursday, February 1 the firm earned “Buy” rating by BMO Capital Markets. On Wednesday, November 22 the stock of Open Text Corporation (NASDAQ:OTEX) has “Buy” rating given by Raymond James. The company rating was maintained by Scotia Capital on Thursday, February 1. In Wednesday, November 22 report Macquarie Research downgraded the stock to “Sell” rating. On Thursday, February 1 Barclays Capital maintained Open Text Corporation (NASDAQ:OTEX) rating. Barclays Capital has “Overweight” rating and $46 target.

Open Text Corporation provides a suite of software services and products that assist organizations in finding, utilizing, and sharing business information from various devices.The company has $9.13 billion market cap. The firm offers content solutions that provide content and records management, archiving, and email management and capture solutions, as well as Core, a software as a service based multi-tenant cloud solution; business process management for analyzing, automating, monitoring, and optimizing structured business processes; and customer experience management products, which offer Web content management, digital asset management, customer communications management, social software, and portal.The P/E ratio is 47.6. The Company’s products also include business network solutions comprising business-to-business integration, fax solutions, and secure messaging; analytics solutions, including embedded reporting and visualization, and big data analysis; and discovery solutions consisting of search, semantic navigation, and auto classification, as well as InfoFusion to deal with the issue of ‘information silosÂ’ resulting from disconnected information sources across the enterprise.

Open Text Corporation (NASDAQ:OTEX) Analyst Ratings Chart

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