$703.55 Million in Sales Expected for Open Text Corp (OTEX) This Quarter

Analysts expect that Open Text Corp (NASDAQ:OTEX) (TSE:OTC) will announce $703.55 million in sales for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Open Text’s earnings, with estimates ranging from $698.00 million to $707.10 million. Open Text reported sales of $640.69 million in the same quarter last year, which indicates a positive year-over-year growth rate of 9.8%. The business is expected to report its next quarterly earnings results after the market closes on Wednesday, October 31st.

On average, analysts expect that Open Text will report full-year sales of $3.00 billion for the current financial year, with estimates ranging from $2.92 billion to $3.05 billion. For the next financial year, analysts expect that the company will post sales of $3.22 billion, with estimates ranging from $3.17 billion to $3.28 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Open Text.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, August 2nd. The software maker reported $0.72 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.04. The company had revenue of $754.30 million for the quarter, compared to analysts’ expectations of $732.02 million. Open Text had a net margin of 8.60% and a return on equity of 8.09%. The business’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same period last year, the firm earned $0.60 earnings per share.



A number of brokerages recently issued reports on OTEX. Raymond James reissued an “outperform” rating and issued a $48.00 price objective on shares of Open Text in a research note on Monday, October 22nd. BidaskClub lowered shares of Open Text from a “hold” rating to a “sell” rating in a research report on Tuesday, October 9th. Barclays raised their target price on shares of Open Text from $46.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday, August 6th. Scotiabank reiterated a “buy” rating and set a $46.00 price target on shares of Open Text in a report on Friday, August 3rd. Finally, Royal Bank of Canada lifted their price target on shares of Open Text from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, August 3rd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $44.18.

Shares of NASDAQ:OTEX opened at $32.73 on Thursday. The company has a market capitalization of $8.88 billion, a P/E ratio of 35.97 and a beta of 0.27. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.70. Open Text has a 1 year low of $32.05 and a 1 year high of $40.31.

Hedge funds have recently added to or reduced their stakes in the stock. Blue Harbour Group L.P. lifted its holdings in Open Text by 0.6% in the second quarter. Blue Harbour Group L.P. now owns 9,855,331 shares of the software maker’s stock valued at $346,809,000 after buying an additional 61,306 shares during the period. NorthCoast Asset Management LLC acquired a new position in Open Text in the second quarter valued at $2,176,000. Tower Research Capital LLC TRC acquired a new position in Open Text in the second quarter valued at $160,000. Bridgewater Associates LP acquired a new position in Open Text in the second quarter valued at $2,762,000. Finally, Legal & General Group Plc lifted its holdings in Open Text by 26.8% in the second quarter. Legal & General Group Plc now owns 363,262 shares of the software maker’s stock valued at $12,777,000 after buying an additional 76,768 shares during the period. Institutional investors and hedge funds own 67.61% of the company’s stock.

Open Text Company Profile

Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.

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