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

May 17, 2018 - By Gregory Tomko

Open Text Corporation (NASDAQ:OTEX) Corporate Logo

Echo Street Capital Management Llc increased its stake by 205.18% in Open Text Corp (NASDAQ:OTEX), according to 2018Q1 Securities and Exchange regulatory report. Open Text Corp (NASDAQ:OTEX) stock Popped Up 3.97% while Echo Street Capital Management Llc bought 1.37M shares. In 2018Q1, Echo Street Capital Management Llc held 2.03M shares of Open Text Corp (NASDAQ:OTEX), priced at $70.66 million, up from 665,317 last quarter. $9.13 billion is the MC of Open Text Corp. 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. OTEX underperformed the S&P500 by 11.17%.

The Echo Street Capital Management Llc’s stake in American Tower Corp New (NYSE:AMT) was reduced by 278,857 shares to 527,688 shares valued at $76.69 million in 2018Q1, according to the regulatory report. It operates about $2.68B and $3.43B US longs. Echo Street Capital Management Llc cut its stake in Ametek Inc New (NYSE:AME) and reduced Mastercard Incorporated (NYSE:MA) position by 132,808 shares for a total of 310,657 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 the firm has “Buy” rating given by RBC Capital Markets. On Wednesday, November 22 the rating was maintained by Raymond James with “Buy”. On Thursday, February 1 the rating was maintained by BMO Capital Markets with “Buy”. On Thursday, February 1 Scotia Capital maintained the shares of OTEX in report with “Buy” rating. On Thursday, February 1 Barclays Capital maintained Open Text Corporation (NASDAQ:OTEX) with “Overweight” rating. On Wednesday, November 22 the company was downgraded by Macquarie Research.

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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