Bessemer Group Inc. Has $1.66 Million Holdings in Open Text Corporation $OTEX

Bessemer Group Inc. raised its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 4.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 57,007 shares of the software maker’s stock after purchasing an additional 2,332 shares during the period. Bessemer Group Inc.’s holdings in Open Text were worth $1,663,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in OTEX. Cromwell Holdings LLC lifted its stake in shares of Open Text by 27.4% in the second quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock valued at $48,000 after buying an additional 352 shares during the period. Headlands Technologies LLC increased its stake in Open Text by 360.6% during the first quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker’s stock valued at $73,000 after acquiring an additional 2,261 shares during the period. United Services Automobile Association acquired a new position in Open Text in the 1st quarter valued at approximately $213,000. Ridgewood Investments LLC lifted its position in shares of Open Text by 593.1% in the 1st quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker’s stock worth $219,000 after acquiring an additional 7,414 shares during the period. Finally, Callan Family Office LLC acquired a new stake in shares of Open Text during the 2nd quarter worth approximately $250,000. Institutional investors own 70.37% of the company’s stock.

Open Text Trading Down 0.7%

Shares of Open Text stock opened at $37.88 on Friday. Open Text Corporation has a 12-month low of $22.79 and a 12-month high of $39.90. The stock has a market capitalization of $9.54 billion, a P/E ratio of 22.96 and a beta of 1.17. The company has a 50-day simple moving average of $36.72 and a 200 day simple moving average of $31.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 7th. The software maker reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.11. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The company’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.98 earnings per share. Research analysts expect that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were given a dividend of $0.275 per share. This is a boost from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a yield of 2.9%. Open Text’s dividend payout ratio is currently 66.67%.

Wall Street Analyst Weigh In

Several research analysts recently commented on OTEX shares. Barclays raised their target price on Open Text from $33.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 21st. Jefferies Financial Group cut shares of Open Text from a “buy” rating to a “hold” rating and set a $33.00 price objective for the company. in a research note on Tuesday, August 12th. National Bank Financial upgraded shares of Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research report on Monday, September 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Open Text in a research note on Wednesday, October 8th. Finally, Citigroup raised their price target on shares of Open Text from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Thursday. Three equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $38.42.

Open Text Company Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.