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

May 17, 2018 - By Nadine Davis

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In 2018Q1 SEC form was reported Echo Street Capital Management Llc’s stake in Open Text Corp (NASDAQ:OTEX) which was increased by 205.18%. Open Text Corp (NASDAQ:OTEX) rose 3.97% while stock markets declined as Echo Street Capital Management Llc bought 1.37 million shares. In 2018Q1, Echo Street Capital Management Llc held 2.03 million shares of Open Text Corp (NASDAQ:OTEX), valued at $70.66M, up from 665,317 last quarter. $9.13 billion is the market cap of Open Text Corp. OTEX hit $34.13 during the last trading session after $0.08 change.Open Text Corporation has 560,875 shares volume, 9.30% up from normal. OTEX is uptrending and has moved 0.38% since May 17, 2017. OTEX underperformed the S&P 500 by 11.17%.

According to the form Echo Street Capital Management Llc reduced its stake in Factset Resh Sys Inc (NYSE:FDS) by 101,091 shares to 67,904 shares, valued at $13.54M in 2018Q1. The fund has $2.68B and $3.43B US longs. Echo Street Capital Management Llc cut its stake in Servicenow Inc (NYSE:NOW) and reduced Interxion Holding N.V (NYSE:INXN) position by 273,918 shares for a total of 2.07M 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 stock rating was maintained by Scotia Capital with “Buy” on Thursday, February 1. The stock rating was maintained by RBC Capital Markets with “Buy” on Thursday, February 1. On Thursday, February 1 the stock of Open Text Corporation (NASDAQ:OTEX) has “Buy” rating given by BMO Capital Markets. On Wednesday, November 22 Raymond James maintained Open Text Corporation (NASDAQ:OTEX) with “Buy” rating. In Wednesday, November 22 report Macquarie Research downgraded it to “Sell” rating and $31.5 target. In Thursday, February 1 report Barclays Capital maintained the stock with “Overweight” rating.

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 firm is worth $9.13 billion. 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.47.6 is the P/E ratio. 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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