Wall Street brokerages expect that Open Text Corp (NASDAQ:OTEX) (TSE:OTC) will post $0.63 earnings per share for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Open Text’s earnings. Open Text posted earnings of $0.54 per share during the same quarter last year, which indicates a positive year over year growth rate of 16.7%. The business is scheduled to report its next quarterly earnings report on Thursday, February 1st.
According to Zacks, analysts expect that Open Text will report full-year earnings of $2.41 per share for the current fiscal year, with EPS estimates ranging from $2.33 to $2.49. For the next financial year, analysts expect that the firm will post earnings of $2.63 per share, with EPS estimates ranging from $2.36 to $2.90. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that that provide coverage for Open Text.
Several analysts have commented on OTEX shares. Zacks Investment Research cut Open Text from a “buy” rating to a “hold” rating in a report on Saturday, October 21st. Royal Bank of Canada reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Open Text in a research note on Monday, October 30th. Barclays lifted their price objective on Open Text from $54.00 to $55.00 in a research note on Friday, November 3rd. BMO Capital Markets reduced their price objective on Open Text from $40.00 to $38.00 in a research note on Friday, November 3rd. Finally, Macquarie lowered Open Text from a “neutral” rating to an “underperform” rating and set a $31.50 price objective on the stock. in a research note on Wednesday, November 22nd. Three research analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $42.27.
Open Text (NASDAQ OTEX) traded up $0.05 on Tuesday, reaching $32.76. The company’s stock had a trading volume of 314,500 shares, compared to its average volume of 504,764. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.67. The stock has a market cap of $8,689.22, a PE ratio of 57.47 and a beta of 0.44. Open Text has a 52 week low of $30.58 and a 52 week high of $35.45.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 20th. Stockholders of record on Friday, December 1st were paid a $0.132 dividend. This represents a $0.53 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend was Thursday, November 30th. Open Text’s dividend payout ratio is currently 92.98%.
Institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN lifted its position in Open Text by 15.6% during the 2nd quarter. Wells Fargo & Company MN now owns 5,539 shares of the software maker’s stock worth $175,000 after acquiring an additional 749 shares in the last quarter. Bank of Nova Scotia Trust Co. lifted its position in Open Text by 7.5% during the 2nd quarter. Bank of Nova Scotia Trust Co. now owns 6,498 shares of the software maker’s stock worth $205,000 after acquiring an additional 452 shares in the last quarter. Yorktown Management & Research Co Inc acquired a new position in Open Text during the 2nd quarter worth approximately $243,000. Harbour Capital Advisors LLC acquired a new position in Open Text during the 3rd quarter worth approximately $245,000. Finally, US Bancorp DE lifted its position in Open Text by 6.8% during the 2nd quarter. US Bancorp DE now owns 8,206 shares of the software maker’s stock worth $258,000 after acquiring an additional 524 shares in the last quarter. 66.73% of the stock is currently owned by hedge funds and other institutional investors.
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Open Text Company Profile
Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.
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