Access Investment Management LLC Makes New $5.82 Million Investment in Open Text Corporation $OTEX

Access Investment Management LLC acquired a new stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the second quarter, Holdings Channel.com reports. The firm acquired 199,245 shares of the software maker’s stock, valued at approximately $5,818,000. Open Text makes up about 1.7% of Access Investment Management LLC’s investment portfolio, making the stock its 22nd largest position.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its position in shares of Open Text by 12.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 187,565 shares of the software maker’s stock worth $4,735,000 after acquiring an additional 21,089 shares during the period. Bank of New York Mellon Corp increased its holdings in Open Text by 24.5% in the 1st quarter. Bank of New York Mellon Corp now owns 438,892 shares of the software maker’s stock valued at $11,086,000 after buying an additional 86,487 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Open Text by 24.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 91,358 shares of the software maker’s stock valued at $2,308,000 after buying an additional 17,982 shares in the last quarter. Crossmark Global Holdings Inc. lifted its holdings in shares of Open Text by 8.5% during the 1st quarter. Crossmark Global Holdings Inc. now owns 357,785 shares of the software maker’s stock worth $9,038,000 after acquiring an additional 28,025 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its position in shares of Open Text by 16.9% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 107,281 shares of the software maker’s stock valued at $2,686,000 after acquiring an additional 15,498 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Open Text Price Performance

OTEX opened at $38.35 on Monday. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $9.66 billion, a P/E ratio of 23.24 and a beta of 1.17. The company’s 50 day simple moving average is $36.83 and its 200-day simple moving average is $31.50. Open Text Corporation has a one year low of $22.79 and a one year high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted 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 during 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%. Open Text’s revenue was down 3.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.98 EPS. Sell-side analysts anticipate that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were issued a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.10 annualized dividend and a yield of 2.9%. This is an increase from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio (DPR) is presently 66.67%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on OTEX shares. National Bankshares set a $45.00 price target on shares of Open Text and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. CIBC upped their price target on Open Text from $34.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday. TD Securities lowered Open Text from a “buy” rating to a “hold” rating and increased their price objective for the stock from $35.00 to $40.00 in a research note on Friday, October 3rd. Royal Bank Of Canada upped their target price on shares of Open Text from $30.00 to $35.00 and gave the stock a “sector perform” rating in a report on Tuesday, September 2nd. Finally, Jefferies Financial Group cut shares of Open Text from a “buy” rating to a “hold” rating and set a $33.00 price objective on the stock. in a research note on Tuesday, August 12th. Three investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Open Text currently has a consensus rating of “Hold” and an average target price of $38.42.

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.