Open Text (NASDAQ:OTEX) (TSE:OTC) issued its quarterly earnings results on Thursday. The software maker reported $0.27 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.10), Morningstar.com reports. The company had revenue of $747.20 million for the quarter, compared to analyst estimates of $763.51 million. Open Text had a return on equity of 7.31% and a net margin of 9.57%. The firm’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter last year, the company earned $0.72 EPS.
Open Text stock traded down $3.64 during trading hours on Friday, reaching $38.76. 1,491,751 shares of the company’s stock traded hands, compared to its average volume of 559,472. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.38 and a quick ratio of 1.38. Open Text has a fifty-two week low of $30.99 and a fifty-two week high of $44.49. The company has a market cap of $11.50 billion, a price-to-earnings ratio of 36.57 and a beta of 0.53. The business’s 50 day moving average price is $42.17.
A number of institutional investors have recently added to or reduced their stakes in OTEX. Meridian Wealth Management LLC acquired a new position in Open Text during the 1st quarter valued at about $25,000. Flagship Harbor Advisors LLC lifted its position in Open Text by 141.2% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 627 shares of the software maker’s stock valued at $25,000 after purchasing an additional 367 shares during the period. Zions Bancorporation N.A. acquired a new position in Open Text during the 1st quarter valued at about $27,000. Icon Wealth Partners LLC acquired a new position in Open Text during the 1st quarter valued at about $46,000. Finally, Shine Investment Advisory Services Inc. lifted its position in Open Text by 18.3% during the 1st quarter. Shine Investment Advisory Services Inc. now owns 2,622 shares of the software maker’s stock valued at $101,000 after purchasing an additional 405 shares during the period. Institutional investors own 67.34% of the company’s stock.
Several research analysts recently issued reports on OTEX shares. Zacks Investment Research downgraded shares of Open Text from a “buy” rating to a “hold” rating in a research report on Friday. TD Securities upped their target price on shares of Open Text from $45.00 to $48.00 and gave the company a “buy” rating in a research report on Friday. BidaskClub upgraded shares of Open Text from a “sell” rating to a “hold” rating in a research report on Friday, May 3rd. Benchmark restated a “buy” rating and set a $48.00 target price (up from $42.00) on shares of Open Text in a research report on Thursday, July 11th. Finally, CIBC restated a “buy” rating and set a $53.00 target price on shares of Open Text in a research report on Monday, July 29th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $46.73.
Open Text Company Profile
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
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