Zacks: Brokerages Anticipate Open Text Corp (NASDAQ:OTEX) Will Post Earnings of $0.64 Per Share

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Equities research analysts expect Open Text Corp (NASDAQ:OTEX) (TSE:OTC) to report earnings of $0.64 per share for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Open Text’s earnings, with estimates ranging from $0.62 to $0.66. Open Text posted earnings of $0.60 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 6.7%. The firm is expected to issue its next quarterly earnings report on Wednesday, October 30th.

On average, analysts expect that Open Text will report full year earnings of $2.94 per share for the current fiscal year, with EPS estimates ranging from $2.92 to $2.95. For the next financial year, analysts anticipate that the company will post earnings of $3.10 per share, with EPS estimates ranging from $3.09 to $3.11. Zacks’ EPS averages are a mean average based on a survey of sell-side research analysts that follow Open Text.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.10). The company had revenue of $747.20 million during the quarter, compared to the consensus estimate of $763.51 million. Open Text had a return on equity of 7.50% and a net margin of 9.95%. The firm’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter last year, the firm posted $0.72 EPS.

A number of equities analysts have commented on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $47.00 price objective on shares of Open Text in a report on Tuesday, August 6th. Raymond James set a $48.00 price objective on shares of Open Text and gave the stock an “outperform” rating in a report on Friday, August 2nd. CIBC reaffirmed a “buy” rating and issued a $53.00 price objective on shares of Open Text in a report on Sunday, August 4th. TD Securities lifted their price objective on shares of Open Text from $45.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, Benchmark reaffirmed a “buy” rating and issued a $48.00 price objective (up previously from $42.00) on shares of Open Text in a report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. Open Text has a consensus rating of “Buy” and an average price target of $47.25.

A number of institutional investors have recently added to or reduced their stakes in OTEX. Meridian Wealth Management LLC acquired a new position in shares of Open Text during the first quarter valued at $25,000. Flagship Harbor Advisors LLC boosted its holdings in shares of Open Text by 141.2% during the second quarter. Flagship Harbor Advisors LLC now owns 627 shares of the software maker’s stock valued at $25,000 after acquiring an additional 367 shares during the period. Zions Bancorporation N.A. acquired a new position in shares of Open Text during the first quarter valued at $27,000. Icon Wealth Partners LLC acquired a new position in shares of Open Text during the first quarter valued at $46,000. Finally, Bremer Bank National Association acquired a new position in shares of Open Text during the first quarter valued at $109,000. 65.96% of the stock is owned by hedge funds and other institutional investors.

Open Text stock opened at $38.57 on Monday. The company has a market cap of $10.52 billion, a PE ratio of 36.39 and a beta of 0.53. The company has a fifty day moving average price of $40.91 and a two-hundred day moving average price of $39.57. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.54 and a quick ratio of 1.54. Open Text has a 12 month low of $30.99 and a 12 month high of $44.49.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be issued a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, August 29th. This is an increase from Open Text’s previous quarterly dividend of $0.17. Open Text’s payout ratio is currently 66.04%.

About Open Text

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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