Open Text Co. to Post Q3 2024 Earnings of $0.82 Per Share, National Bank Financial Forecasts (NASDAQ:OTEX)

Open Text Co. (NASDAQ:OTEX) (TSE:OTC) – Research analysts at National Bank Financial issued their Q3 2024 earnings per share estimates for shares of Open Text in a research report issued on Wednesday, April 17th. National Bank Financial analyst R. Tse expects 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.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.01. The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.48 billion. Open Text had a return on equity of 22.99% and a net margin of 2.24%.

Several other brokerages have also recently commented on OTEX. TD Securities upped their target price on shares of Open Text from $53.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. CIBC upped their target price on shares of Open Text from $42.00 to $44.00 and gave the company a “neutral” rating in a research report on Thursday, January 11th. BMO Capital Markets upped their target price on shares of Open Text from $48.00 to $50.00 and gave the company an “outperform” rating in a research report 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 report on Friday, February 2nd. Finally, Citigroup lowered their price objective 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 research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Open Text has a consensus rating of “Moderate Buy” and an average target price of $46.25.

Open Text Stock Performance

Shares of Open Text stock opened at $35.45 on Monday. The firm has a fifty day moving average of $38.10 and a two-hundred day moving average of $38.76. The stock has a market capitalization of $9.66 billion, a price-to-earnings ratio of 75.43 and a beta of 1.09. Open Text has a 52 week low of $32.04 and a 52 week high of $45.47. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.38 and a current ratio of 1.38.

Hedge Funds Weigh In On Open Text

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OTEX. Harris Associates L P boosted its stake in shares of Open Text by 1.6% during the 3rd quarter. Harris Associates L P now owns 11,515,807 shares of the software maker’s stock worth $404,144,000 after buying an additional 177,600 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Open Text by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 10,209,098 shares of the software maker’s stock worth $428,986,000 after buying an additional 123,090 shares during the last quarter. FIL Ltd boosted its stake in shares of Open Text by 25.7% during the 4th quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock worth $380,696,000 after buying an additional 1,853,891 shares during the last quarter. Beutel Goodman & Co Ltd. boosted its stake in shares of Open Text by 9.9% during the 4th quarter. Beutel Goodman & Co Ltd. now owns 8,661,252 shares of the software maker’s stock worth $365,800,000 after buying an additional 782,885 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Open Text by 1.1% during the 4th quarter. First Trust Advisors LP now owns 6,965,317 shares of the software maker’s stock worth $292,817,000 after buying an additional 74,481 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Friday, March 1st were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend was Thursday, February 29th. Open Text’s payout ratio is presently 212.77%.

About Open Text

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.