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

May 17, 2018 - By Pearl Odom

Open Text Corporation (NASDAQ:OTEX) Corporate Logo

In Open Text Corp (NASDAQ:OTEX) was increased the holdings owned by Echo Street Capital Management Llc. The increase is 205.18% according to 2018Q1 SEC regulatory filling. Open Text Corp (NASDAQ:OTEX) stock Popped Up 3.97% while Echo Street Capital Management Llc bought 1.37 million shares. In 2018Q1, the 2.03 million shares in Open Text Corp (NASDAQ:OTEX) held by Echo Street Capital Management Llc were valued $70.66M, up from 665,317 last quarter. $9.13B is the MC of Open Text Corp. Ticker’s shares touched $34.13 during the last trading session after 0.23% 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. OTEX underperformed the S&P500 by 11.17%.

Echo Street Capital Management Llc operates about $2.68B and $3.43B US longs. According to a filing the fund decreased its stake in Avalonbay Cmntys Inc (NYSE:AVB) by 98,110 shares to 159,717 shares, valued at $26.27M in 2018Q1. Echo Street Capital Management Llc cut its stake in Danaher Corp Del (NYSE:DHR) and reduced Ihs Markit Ltd () position by 306,050 shares for a total of 271,885 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 Thursday, February 1 Scotia Capital maintained the shares of OTEX in report with “Buy” rating. On Wednesday, November 22 the firm earned “Buy” rating by Raymond James. In Thursday, February 1 report Barclays Capital maintained the stock with “Overweight” rating. In Thursday, February 1 report RBC Capital Markets maintained it with “Buy” rating and $46.0 target. On Wednesday, November 22 the stock of Open Text Corporation (NASDAQ:OTEX) has “Sell” rating given by Macquarie Research. On Thursday, February 1 the stock of Open Text Corporation (NASDAQ:OTEX) has “Buy” rating given by BMO Capital Markets.

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 valued at $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.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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