Open Text (NASDAQ:OTEX) Posts Earnings Results, Beats Expectations By $0.07 EPS

Open Text (NASDAQ:OTEXGet Rating) (TSE:OTC) posted its quarterly earnings data on Wednesday. The software maker reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.07, MarketWatch Earnings reports. Open Text had a net margin of 13.66% and a return on equity of 20.05%. The company had revenue of $882.30 million during the quarter, compared to analyst estimates of $883.76 million. During the same quarter last year, the business posted $0.70 earnings per share. The company’s revenue was up 5.9% on a year-over-year basis.

NASDAQ OTEX traded down $0.44 during trading hours on Friday, reaching $38.32. 838,435 shares of the company’s stock were exchanged, compared to its average volume of 436,617. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.61 and a current ratio of 1.61. The company has a market capitalization of $10.36 billion, a price-to-earnings ratio of 22.02 and a beta of 0.93. The company’s 50-day moving average is $41.96 and its two-hundred day moving average is $45.59. Open Text has a one year low of $37.37 and a one year high of $55.25.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 24th. Shareholders of record on Friday, June 3rd will be paid a $0.2209 dividend. The ex-dividend date of this dividend is Thursday, June 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 2.31%. Open Text’s payout ratio is 51.15%.

A number of equities research analysts recently weighed in on the company. BMO Capital Markets dropped their price target on Open Text from C$58.00 to C$53.00 in a report on Friday, February 4th. Royal Bank of Canada cut their price target on Open Text from $62.00 to $52.00 and set an “outperform” rating for the company in a report on Thursday. TD Securities decreased their price objective on shares of Open Text from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday. StockNews.com began coverage on shares of Open Text in a research report on Thursday, March 31st. They set a “strong-buy” rating on the stock. Finally, Barclays lowered their price target on shares of Open Text from $58.00 to $50.00 in a report on Wednesday, January 12th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $53.50.

Several hedge funds have recently modified their holdings of the company. Deutsche Bank AG raised its holdings in shares of Open Text by 4.8% during the fourth quarter. Deutsche Bank AG now owns 511,441 shares of the software maker’s stock worth $24,283,000 after acquiring an additional 23,195 shares during the period. Morgan Stanley increased its holdings in Open Text by 21.1% during the 2nd quarter. Morgan Stanley now owns 321,322 shares of the software maker’s stock worth $16,323,000 after purchasing an additional 56,035 shares in the last quarter. Allianz Asset Management GmbH raised its stake in shares of Open Text by 2.6% in the 4th quarter. Allianz Asset Management GmbH now owns 187,849 shares of the software maker’s stock valued at $8,929,000 after purchasing an additional 4,753 shares during the period. Sei Investments Co. boosted its position in shares of Open Text by 19.7% during the fourth quarter. Sei Investments Co. now owns 187,557 shares of the software maker’s stock worth $8,909,000 after buying an additional 30,928 shares during the period. Finally, Millennium Management LLC bought a new position in shares of Open Text during the second quarter worth about $505,000. 70.43% of the stock is owned by institutional investors.

Open Text Company Profile (Get Rating)

Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; security and protection solutions for defending against cyber threats, and preparing for business continuity and response in the event of a breach; digital investigation and forensic security solutions; OpenText security solutions to address information cyber resilience needs; Carbonite and Webroot products; and OpenText Information Management software platform.

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Earnings History for Open Text (NASDAQ:OTEX)

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