Bessemer Group Inc. Has $1.38 Million Stock Holdings in Open Text Corporation (NASDAQ:OTEX)

Bessemer Group Inc. grew its holdings in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 2,109.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,675 shares of the software maker's stock after purchasing an additional 52,200 shares during the quarter. Bessemer Group Inc.'s holdings in Open Text were worth $1,381,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. acquired a new position in Open Text during the 1st quarter worth approximately $323,000. Intact Investment Management Inc. raised its stake in Open Text by 136.7% during the 1st quarter. Intact Investment Management Inc. now owns 606,440 shares of the software maker's stock worth $15,308,000 after buying an additional 350,200 shares during the period. Lorne Steinberg Wealth Management Inc. raised its stake in Open Text by 15.9% during the 1st quarter. Lorne Steinberg Wealth Management Inc. now owns 149,298 shares of the software maker's stock worth $3,772,000 after buying an additional 20,495 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new position in Open Text during the 1st quarter worth approximately $3,538,000. Finally, RTD Financial Advisors Inc. acquired a new position in Open Text during the 1st quarter worth approximately $575,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Royal Bank Of Canada dropped their price target on Open Text from $31.00 to $30.00 and set a "sector perform" rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen raised Open Text from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. National Bankshares lowered their price objective on Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a research note on Friday, April 25th. Barclays reduced their target price on Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Finally, Scotiabank reduced their target price on Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a report on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Open Text has an average rating of "Hold" and a consensus price target of $32.30.

Open Text Trading Down 0.7%

OTEX opened at $28.68 on Monday. The business has a 50 day simple moving average of $27.76 and a two-hundred day simple moving average of $27.36. The firm has a market capitalization of $7.36 billion, a price-to-earnings ratio of 11.71 and a beta of 1.13. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.86 and a quick ratio of 0.86. Open Text Corporation has a one year low of $22.79 and a one year high of $34.20.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. Open Text had a return on equity of 22.49% and a net margin of 12.55%. The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the business earned $0.94 EPS. The business's revenue for the quarter was down 13.3% on a year-over-year basis. Analysts predict that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a $0.2625 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.05 annualized dividend and a yield of 3.66%. Open Text's dividend payout ratio (DPR) is presently 42.86%.

Open Text 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.

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