Open Text Corp (NASDAQ:OTEX) Expected to Post Quarterly Sales of $764.48 Million

Analysts expect that Open Text Corp (NASDAQ:OTEX) (TSE:OTC) will post sales of $764.48 million for the current quarter, Zacks reports. Three analysts have made estimates for Open Text’s earnings, with the highest sales estimate coming in at $773.00 million and the lowest estimate coming in at $751.76 million. Open Text posted sales of $754.27 million during the same quarter last year, which suggests a positive year over year growth rate of 1.4%. The firm is scheduled to issue its next quarterly earnings report on Thursday, August 1st.

On average, analysts expect that Open Text will report full-year sales of $2.89 billion for the current financial year, with estimates ranging from $2.87 billion to $2.90 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $3.03 billion, with estimates ranging from $2.99 billion to $3.07 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that cover Open Text.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Wednesday, May 1st. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.19. The business had revenue of $719.10 million during the quarter, compared to analyst estimates of $710.47 million. Open Text had a net margin of 9.57% and a return on equity of 7.31%. Open Text’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.54 earnings per share.

A number of brokerages recently weighed in on OTEX. Zacks Investment Research raised shares of Open Text from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Saturday, May 11th. BidaskClub raised shares of Open Text from a “sell” rating to a “hold” rating in a research note on Friday, May 3rd. Finally, Raymond James set a $48.00 price objective on shares of Open Text and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $45.60.

Shares of Open Text stock opened at $41.27 on Thursday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market capitalization of $11.12 billion, a P/E ratio of 45.35 and a beta of 0.48. Open Text has a fifty-two week low of $30.99 and a fifty-two week high of $41.57.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Friday, May 31st will be paid a $0.1746 dividend. The ex-dividend date is Thursday, May 30th. This is a boost from Open Text’s previous quarterly dividend of $0.12. This represents a $0.70 dividend on an annualized basis and a yield of 1.69%. Open Text’s dividend payout ratio (DPR) is presently 76.92%.

A number of hedge funds have recently made changes to their positions in OTEX. Meridian Wealth Management LLC bought a new position in Open Text in the first quarter valued at approximately $25,000. Enlightenment Research LLC bought a new position in Open Text in the fourth quarter valued at approximately $26,000. Zions Bancorporation N.A. bought a new position in Open Text in the first quarter valued at approximately $27,000. Benjamin F. Edwards & Company Inc. bought a new position in Open Text in the fourth quarter valued at approximately $31,000. Finally, Icon Wealth Partners LLC bought a new position in shares of Open Text during the first quarter worth $46,000. 67.48% of the stock is currently owned by hedge funds and other institutional investors.

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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