Open Text (OTEX) Announces Quarterly Earnings Results, Beats Expectations By $0.11 EPS
Open Text (NASDAQ:OTEX) announced its earnings results on Wednesday. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.11, Analyst Ratings Network reports. The company had revenue of $494.00 million for the quarter, compared to the consensus estimate of $480.52 million. During the same quarter in the previous year, the company posted $1.43 earnings per share. The company’s revenue for the quarter was up 42.2% on a year-over-year basis.
Open Text (NASDAQ:OTEX) traded up 1.98% during mid-day trading on Wednesday, hitting $48.44. The stock had a trading volume of 433,637 shares. Open Text has a 52 week low of $32.235 and a 52 week high of $52.86. The stock’s 50-day moving average is $47.83 and its 200-day moving average is $48.04. The company has a market cap of $5.849 billion and a price-to-earnings ratio of 33.10.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 19th. Shareholders of record on Friday, August 29th will be given a dividend of $0.1725 per share. This represents a $0.69 dividend on an annualized basis and a yield of 1.42%.
A number of analysts have recently weighed in on OTEX shares. Analysts at RBC Capital downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, July 11th. They now have a $55.00 price target on the stock, down previously from $60.00. They noted that the move was a valuation call. Analysts at CIBC set a $60.00 price target on shares of Open Text in a research note on Thursday, June 26th. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $83.53.
Open Text Corporation (NASDAQ:OTEX), is engaged in providing a suite of information management software products.
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