$744.81 Million in Sales Expected for Open Text Corp (OTEX) This Quarter

Brokerages expect that Open Text Corp (NASDAQ:OTEX) (TSE:OTC) will post sales of $744.81 million for the current quarter, Zacks reports. Three analysts have provided estimates for Open Text’s earnings, with estimates ranging from $711.60 million to $771.00 million. Open Text posted sales of $734.41 million during the same quarter last year, which suggests a positive year over year growth rate of 1.4%. The firm is scheduled to announce its next quarterly earnings results after the market closes on Thursday, January 31st.

According to Zacks, analysts expect that Open Text will report full year sales of $2.88 billion for the current financial year, with estimates ranging from $2.79 billion to $2.95 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $3.13 billion, with estimates ranging from $3.09 billion to $3.16 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Open Text.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Wednesday, October 31st. The software maker reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.01. The company had revenue of $667.20 million for the quarter, compared to analysts’ expectations of $692.53 million. Open Text had a net margin of 8.51% and a return on equity of 7.99%. The firm’s revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.54 earnings per share.

A number of analysts have weighed in on OTEX shares. BidaskClub cut shares of Open Text from a “sell” rating to a “strong sell” rating in a report on Thursday, November 8th. CIBC reissued an “average” rating and set a $51.00 target price on shares of Open Text in a report on Monday, November 19th. Barclays reissued a “buy” rating on shares of Open Text in a report on Thursday, November 1st. Raymond James set a $48.00 target price on shares of Open Text and gave the stock an “outperform” rating in a report on Thursday, November 1st. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Open Text in a report on Thursday, November 1st. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $45.10.

A number of institutional investors and hedge funds have recently made changes to their positions in OTEX. Schroder Investment Management Group bought a new position in shares of Open Text during the 3rd quarter valued at about $128,000. Bessemer Group Inc. boosted its position in shares of Open Text by 206.4% during the 3rd quarter. Bessemer Group Inc. now owns 3,741 shares of the software maker’s stock valued at $142,000 after purchasing an additional 2,520 shares in the last quarter. Tower Research Capital LLC TRC purchased a new stake in Open Text during the second quarter valued at about $160,000. Quantbot Technologies LP lifted its stake in Open Text by 167.1% during the third quarter. Quantbot Technologies LP now owns 5,742 shares of the software maker’s stock valued at $218,000 after buying an additional 3,592 shares in the last quarter. Finally, Wetherby Asset Management Inc. purchased a new stake in Open Text during the third quarter valued at about $222,000. Hedge funds and other institutional investors own 67.26% of the company’s stock.

Shares of NASDAQ:OTEX traded up $0.02 on Friday, reaching $34.49. 318,184 shares of the company’s stock were exchanged, compared to its average volume of 416,248. The stock has a market capitalization of $9.18 billion, a price-to-earnings ratio of 37.90 and a beta of 0.42. Open Text has a fifty-two week low of $30.99 and a fifty-two week high of $40.31. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.51 and a current ratio of 1.51.

The business also recently announced a quarterly dividend, which was paid on Thursday, December 20th. Investors of record on Friday, November 30th were given a $0.1518 dividend. The ex-dividend date was Thursday, November 29th. This represents a $0.61 dividend on an annualized basis and a yield of 1.76%. Open Text’s dividend payout ratio is presently 67.03%.

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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