Research Analysts Offer Predictions for Open Text Co.’s Q3 2024 Earnings (NASDAQ:OTEX)

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

A number of other brokerages have also recently issued reports on OTEX. BMO Capital Markets increased their price objective on shares of Open Text from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. Royal Bank of Canada restated an “outperform” rating and issued a $53.00 price objective on shares of Open Text in a research note on Friday, February 2nd. Jefferies Financial Group started 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. CIBC increased their price objective on shares of Open Text from $42.00 to $44.00 and gave the company a “neutral” rating in a research note on Thursday, January 11th. Finally, Citigroup dropped their target price on shares of Open Text from $44.00 to $42.00 and set a “neutral” rating for the company in a research report on Friday, March 22nd. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.25.

Open Text Trading Up 1.8 %

Shares of OTEX stock opened at $36.09 on Monday. Open Text has a 52-week low of $32.04 and a 52-week high of $45.47. The stock has a market cap of $9.84 billion, a price-to-earnings ratio of 76.79 and a beta of 1.09. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a fifty day moving average of $38.04 and a 200-day moving average of $38.77.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results 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. Open Text had a net margin of 2.24% and a return on equity of 22.99%. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.48 billion.

Open Text Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Friday, March 1st were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend was Thursday, February 29th. Open Text’s payout ratio is presently 212.77%.

Institutional Investors Weigh In On Open Text

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harris Associates L P increased its position in Open Text by 1.6% in the 3rd 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. increased its position in Open Text by 1.2% in the 4th 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 increased its position in Open Text by 25.7% in the 4th 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. increased its position in Open Text by 9.9% in the 4th 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 increased its position in Open Text by 1.1% in the 4th 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 and hedge funds 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.