Cromwell Holdings LLC Has $48,000 Stock Holdings in Open Text Corporation $OTEX

Cromwell Holdings LLC lifted its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 27.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,635 shares of the software maker’s stock after acquiring an additional 352 shares during the quarter. Cromwell Holdings LLC’s holdings in Open Text were worth $48,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in OTEX. Vanguard Group Inc. raised its holdings in Open Text by 6.1% during the 1st quarter. Vanguard Group Inc. now owns 11,151,279 shares of the software maker’s stock worth $281,447,000 after purchasing an additional 639,514 shares during the last quarter. Mackenzie Financial Corp increased its position in shares of Open Text by 9.2% during the first quarter. Mackenzie Financial Corp now owns 5,876,003 shares of the software maker’s stock worth $148,299,000 after buying an additional 492,897 shares during the period. Letko Brosseau & Associates Inc. raised its stake in Open Text by 11.8% during the first quarter. Letko Brosseau & Associates Inc. now owns 4,860,805 shares of the software maker’s stock worth $122,664,000 after buying an additional 512,050 shares during the last quarter. Value Partners Investments Inc. lifted its holdings in Open Text by 9.8% in the second quarter. Value Partners Investments Inc. now owns 2,561,601 shares of the software maker’s stock valued at $74,709,000 after buying an additional 228,062 shares during the period. Finally, 1832 Asset Management L.P. boosted its position in Open Text by 0.3% during the first quarter. 1832 Asset Management L.P. now owns 2,365,600 shares of the software maker’s stock valued at $59,755,000 after acquiring an additional 6,921 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Wall Street Zen raised Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. TD Cowen reissued a “hold” rating and issued a $40.00 price target on shares of Open Text in a research note on Friday. National Bankshares raised shares of Open Text from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $34.00 to $45.00 in a research report on Monday, September 15th. Royal Bank Of Canada lifted their price objective on shares of Open Text from $30.00 to $35.00 and gave the company a “sector perform” rating in a research note on Tuesday, September 2nd. Finally, Jefferies Financial Group lowered shares of Open Text from a “buy” rating to a “hold” rating and set a $33.00 target price on the stock. in a research note on Tuesday, August 12th. Four investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $37.25.

Open Text Stock Performance

NASDAQ OTEX opened at $37.94 on Friday. The company has a market cap of $9.60 billion, a P/E ratio of 22.99 and a beta of 1.17. The company has a fifty day simple moving average of $33.41 and a 200 day simple moving average of $29.51. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61. Open Text Corporation has a 12-month low of $22.79 and a 12-month high of $39.04.

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

Open Text Increases Dividend

The business 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 dividend on an annualized basis 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 is presently 66.67%.

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.