National Bank Financial Weighs in on Open Text Co.’s Q3 2024 Earnings (NASDAQ:OTEX)

Open Text Co. (NASDAQ:OTEX) (TSE:OTC) – Stock analysts at National Bank Financial issued their Q3 2024 earnings per share estimates for shares of Open Text in a note issued to investors on Wednesday, April 17th. National Bank Financial analyst R. Tse expects 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) (TSE:OTC) last announced its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.01. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Open Text had a return on equity of 22.99% and a net margin of 2.24%.

OTEX has been the topic of a number of other reports. Royal Bank of Canada reissued an “outperform” rating and set a $53.00 price objective on shares of Open Text in a report on Friday, February 2nd. Citigroup decreased their price target on Open Text from $44.00 to $42.00 and set a “neutral” rating on the stock in a research note on Friday, March 22nd. Jefferies Financial Group began coverage on Open Text in a research note on Tuesday, February 27th. They issued a “buy” rating and a $45.00 price target on the stock. BMO Capital Markets lifted their price target on Open Text from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, February 2nd. Finally, TD Securities lifted their price target on Open Text from $53.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Open Text presently has a consensus rating of “Moderate Buy” and an average target price of $46.25.

Open Text Stock Performance

Shares of NASDAQ OTEX opened at $35.05 on Monday. The stock has a market cap of $9.55 billion, a price-to-earnings ratio of 74.58 and a beta of 1.09. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 2.10. Open Text has a 1-year low of $32.04 and a 1-year high of $45.47. The stock’s 50-day moving average is $38.21 and its 200 day moving average is $38.76.

Open Text Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Friday, March 1st were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.85%. Open Text’s dividend payout ratio is presently 212.77%.

Hedge Funds Weigh In On Open Text

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Harris Associates L P raised its holdings in shares of Open Text by 1.6% during the third quarter. Harris Associates L P now owns 11,515,807 shares of the software maker’s stock valued at $404,144,000 after acquiring an additional 177,600 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Open Text by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 10,209,098 shares of the software maker’s stock valued at $428,986,000 after acquiring an additional 123,090 shares in the last quarter. FIL Ltd raised its holdings in shares of Open Text by 25.7% during the fourth quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock valued at $380,696,000 after acquiring an additional 1,853,891 shares in the last quarter. Beutel Goodman & Co Ltd. raised its holdings in shares of Open Text by 9.9% during the fourth quarter. Beutel Goodman & Co Ltd. now owns 8,661,252 shares of the software maker’s stock valued at $365,800,000 after acquiring an additional 782,885 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Open Text by 1.1% during the fourth quarter. First Trust Advisors LP now owns 6,965,317 shares of the software maker’s stock valued at $292,817,000 after acquiring an additional 74,481 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Open Text Company Profile

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.