Bank of New York Mellon Corp Trims Position in Open Text Corporation $OTEX

Bank of New York Mellon Corp decreased its position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 2.8% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 426,675 shares of the software maker’s stock after selling 12,217 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.17% of Open Text worth $12,459,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Cromwell Holdings LLC raised its holdings in Open Text by 27.4% during the second quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock valued at $48,000 after acquiring an additional 352 shares during the period. Oppenheimer Asset Management Inc. grew its position in shares of Open Text by 2.9% during the second quarter. Oppenheimer Asset Management Inc. now owns 13,174 shares of the software maker’s stock worth $385,000 after purchasing an additional 370 shares in the last quarter. Vident Advisory LLC raised its stake in Open Text by 6.6% during the 1st quarter. Vident Advisory LLC now owns 11,681 shares of the software maker’s stock valued at $295,000 after purchasing an additional 722 shares during the period. Vest Financial LLC lifted its holdings in Open Text by 8.2% in the 2nd quarter. Vest Financial LLC now owns 13,769 shares of the software maker’s stock worth $402,000 after purchasing an additional 1,045 shares in the last quarter. Finally, Raymond James Financial Inc. boosted its stake in Open Text by 1.4% in the 1st quarter. Raymond James Financial Inc. now owns 127,887 shares of the software maker’s stock worth $3,230,000 after purchasing an additional 1,757 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

OTEX has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. TD Cowen reiterated a “hold” rating and issued a $40.00 price target on shares of Open Text in a report on Friday, October 3rd. Royal Bank Of Canada boosted their price target on shares of Open Text from $30.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Tuesday, September 2nd. Zacks Research upgraded Open Text from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 12th. Finally, National Bankshares set a $45.00 target price on Open Text and gave the stock an “outperform” rating in a report on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $39.42.

Open Text Stock Performance

Open Text stock opened at $33.02 on Wednesday. The company’s 50-day moving average price is $37.34 and its 200-day moving average price is $32.26. Open Text Corporation has a twelve month low of $22.79 and a twelve month high of $39.90. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. The company has a market cap of $8.32 billion, a PE ratio of 20.01 and a beta of 1.14.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Wednesday, November 5th. The software maker reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter last year, the firm earned $0.93 EPS. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. On average, equities research analysts forecast that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be issued a $0.275 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.3%. Open Text’s payout ratio is 57.59%.

About Open Text

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.