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) – Investment analysts at National Bank Financial issued their Q3 2024 earnings estimates for Open Text in a report issued on Wednesday, April 17th. National Bank Financial analyst R. Tse expects that the software maker will post earnings of $0.82 per share for the quarter. The consensus estimate for Open Text’s current full-year earnings is $4.14 per share.

Other analysts have also recently issued research reports about the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $53.00 price target on shares of Open Text in a research report on Friday, February 2nd. Jefferies Financial Group started coverage on shares of Open Text in a research report on Tuesday, February 27th. They set a “buy” rating and a $45.00 price target on the stock. TD Securities upped their price target 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. Citigroup cut their price target on shares of Open Text from $44.00 to $42.00 and set a “neutral” rating on the stock in a research report on Friday, March 22nd. Finally, StockNews.com raised shares of Open Text from a “hold” rating to a “buy” rating in a research report on Tuesday, February 6th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.25.

Open Text Stock Performance

Shares of Open Text stock opened at $35.45 on Monday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 2.10. Open Text has a twelve month low of $32.04 and a twelve month high of $45.47. The stock has a market cap of $9.66 billion, a price-to-earnings ratio of 75.43 and a beta of 1.09. The company’s fifty day moving average is $38.10 and its 200 day moving average is $38.76.

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

Open Text Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Friday, March 1st were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, February 29th. This represents a $1.00 annualized dividend and a dividend yield of 2.82%. Open Text’s dividend payout ratio is currently 212.77%.

Hedge Funds Weigh In On Open Text

Several institutional investors have recently made changes to their positions in OTEX. Galibier Capital Management Ltd. acquired a new stake in shares of Open Text in the 1st quarter worth about $15,522,000. Juncture Wealth Strategies LLC acquired a new stake in shares of Open Text in the 1st quarter worth about $804,000. PNC Financial Services Group Inc. raised its holdings in shares of Open Text by 27.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,692 shares of the software maker’s stock worth $197,000 after acquiring an additional 1,023 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Open Text by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 10,209,098 shares of the software maker’s stock worth $428,986,000 after acquiring an additional 123,090 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Open Text by 20.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 685,944 shares of the software maker’s stock worth $28,823,000 after acquiring an additional 118,663 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.