Open Text (NASDAQ:OTEX) Releases Earnings Results, Beats Estimates By $0.05 EPS

Open Text (NASDAQ:OTEX) (TSE:OTC) posted its quarterly earnings data on Thursday. The software maker reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05, Briefing.com reports. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.41 billion. Open Text had a net margin of 8.06% and a return on equity of 25.22%. The company’s revenue was down 8.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.79 earnings per share.

Open Text Stock Down 6.6 %

Shares of OTEX stock traded down $2.00 on Friday, hitting $28.49. The stock had a trading volume of 1,139,908 shares, compared to its average volume of 580,666. The firm has a market capitalization of $7.63 billion, a price-to-earnings ratio of 45.95 and a beta of 1.12. The stock’s 50 day moving average is $30.01 and its 200-day moving average is $34.82. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40. Open Text has a 52-week low of $27.54 and a 52-week high of $45.47.

Open Text Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be paid a $0.192 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.77 annualized dividend and a dividend yield of 2.70%. Open Text’s dividend payout ratio (DPR) is presently 161.29%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. BMO Capital Markets cut their price objective on shares of Open Text from $38.00 to $33.00 and set a “market perform” rating for the company in a research report on Friday. Raymond James dropped their price target on shares of Open Text from $55.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Citigroup dropped their price target on shares of Open Text from $37.00 to $32.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. National Bankshares lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price target for the company. in a research report on Friday. Finally, StockNews.com raised shares of Open Text from a “hold” rating to a “buy” rating in a research report on Saturday, May 11th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $38.80.

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.