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

May 17, 2018 - By Skott Medlock

Open Text Corporation (NASDAQ:OTEX) Corporate Logo

Echo Street Capital Management Llc upped its stake by 205.18% in Open Text Corp (NASDAQ:OTEX), according to 2018Q1 SEC filling. Open Text Corp (NASDAQ:OTEX) stock Popped Up 3.97% while Echo Street Capital Management Llc bought 1.37 million shares. It held 2.03 million shares of Open Text Corp (NASDAQ:OTEX) at the end of 2018Q1, valued at $70.66 million, up from 665,317 last quarter. $9.13 billion is the Open Text Corp’s market cap. Ticker’s shares touched $34.13 during the last trading session after 0.23% 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 by 11.17% the S&P 500.

Echo Street Capital Management Llc manages about $2.68B and $3.43B US longs. It reduced its stake in Ellie Mae Inc (NYSE:ELLI) by 234,868 shares to 23,267 shares, valued at $2.14M in 2018Q1, according to the filling. It decreased Danaher Corp Del (NYSE:DHR) position by 127,224 shares to 124,446 shares, and cut its Paypal Hldgs Inc () stake.

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 Thursday, February 1 RBC Capital Markets maintained the shares of OTEX in report with “Buy” rating. On Thursday, February 1 the company was maintained by Scotia Capital. On Thursday, February 1 the firm has “Buy” rating by BMO Capital Markets given. On Thursday, February 1 the rating was maintained by Barclays Capital with “Overweight”. The company rating was downgraded by Macquarie Research on Wednesday, November 22. On Wednesday, November 22 Raymond James maintained Open Text Corporation (NASDAQ:OTEX) with “Buy” 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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