Open Text Corp (NASDAQ:OTEX) Shareholder Echo Street Capital Management Llc Upped Its Position

May 17, 2018 - By Michael Lund

Open Text Corporation (NASDAQ:OTEX) Corporate Logo

Based on the latest 2018Q1 regulatory form from the SEC, Echo Street Capital Management Llc upped its holdings 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 1.37 million shares. In 2018Q1, the 2.03M shares in Open Text Corp (NASDAQ:OTEX) held by Echo Street Capital Management Llc were valued $70.66 million, up from 665,317 last quarter. $9.13B is the market cap of Open Text Corp. The stock increased 0.23% or $0.08 during the last trading session, reaching $34.13.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. OTEX underperformed the S&P 500 by 11.17%.

Echo Street Capital Management Llc manages about $2.68B and $3.43 billion US longs. It decreased its stake in Interxion Holding N.V (NYSE:INXN) by 273,918 shares to 2.07 million shares, valued at $128.59 million in 2018Q1, according to the regulatory form. Echo Street Capital Management Llc cut its stake in Choice Hotels Intl Inc (NYSE:CHH) and reduced Ss&C Technologies Hldgs Inc (NASDAQ:SSNC) position by 646,556 shares for a total of 343,886 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

Total analysts of 7 have positions in Open Text (NASDAQ:OTEX) as follows: 6 rated it a “Buy”, 1 with “Sell” and 0 with “Hold”. The positive are 86%. Since November 22, 2017 according to StockzIntelligence Inc Open Text has 7 analyst reports. On Wednesday, November 22 the company was maintained by Raymond James. On Thursday, February 1 Barclays Capital maintained the shares of OTEX in report with “Overweight” rating. On Thursday, February 1 the company was maintained by Scotia Capital. In Thursday, February 1 report RBC Capital Markets maintained the stock with “Buy” rating. On Thursday, February 1 the firm has “Buy” rating given by BMO Capital Markets. On Wednesday, November 22 the rating was downgraded by Macquarie Research to “Sell”.

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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