Open Text Co. to Post Q3 2024 Earnings of $0.82 Per Share, National Bank Financial Forecasts (NASDAQ:OTEX)

Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC - Stock analysts at National Bank Financial issued their Q3 2024 EPS estimates for Open Text in a research report issued on Wednesday, April 17th. National Bank Financial analyst R. Tse forecasts that the software maker will post earnings per share of $0.82 for the quarter. The consensus estimate for Open Text's current full-year earnings is $4.14 per share.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.01. The business had revenue of $1.53 billion during the quarter, compared to analysts' expectations of $1.48 billion. Open Text had a net margin of 2.24% and a return on equity of 22.99%.

A number of other brokerages have also recently weighed in on OTEX. Royal Bank of Canada restated an "outperform" rating and set a $53.00 target price on shares of Open Text in a report on Friday, February 2nd. Citigroup reduced their target price on shares of Open Text from $44.00 to $42.00 and set a "neutral" rating for the company in a report on Friday, March 22nd. StockNews.com upgraded shares of Open Text from a "hold" rating to a "buy" rating in a report on Tuesday, February 6th. Jefferies Financial Group began coverage on shares of Open Text in a research note on Tuesday, February 27th. They issued a "buy" rating and a $45.00 price objective for the company. Finally, TD Securities raised their price objective on shares of Open Text from $53.00 to $54.00 and gave the stock a "buy" rating in a research note on Friday, February 2nd. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Open Text currently has an average rating of "Moderate Buy" and a consensus target price of $46.25.

Open Text Price Performance

Shares of Open Text stock traded up $0.40 on Monday, hitting $35.45. The company had a trading volume of 620,710 shares, compared to its average volume of 570,413. The business has a 50-day simple moving average of $38.10 and a 200-day simple moving average of $38.76. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market cap of $9.66 billion, a PE ratio of 75.43 and a beta of 1.09. Open Text has a 52 week low of $32.04 and a 52 week high of $45.47.

Institutional Investors Weigh In On Open Text

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Optiver Holding B.V. bought a new position in shares of Open Text during the 4th quarter valued at $27,000. IFP Advisors Inc grew its stake in Open Text by 82.0% in the 3rd quarter. IFP Advisors Inc now owns 870 shares of the software maker's stock valued at $31,000 after buying an additional 392 shares during the last quarter. Pacifica Partners Inc. acquired a new position in Open Text in the 4th quarter valued at $32,000. Allworth Financial LP grew its stake in Open Text by 125.7% in the 3rd quarter. Allworth Financial LP now owns 957 shares of the software maker's stock valued at $34,000 after buying an additional 533 shares during the last quarter. Finally, Impact Partnership Wealth LLC acquired a new position in Open Text in the 3rd quarter valued at $37,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

Open Text Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Friday, March 1st were given a $0.25 dividend. The ex-dividend date was Thursday, February 29th. This represents a $1.00 dividend on an annualized basis and a yield of 2.82%. Open Text's payout ratio is 212.77%.

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.