Analysts Anticipate Open Text Corp (OTEX) Will Announce Quarterly Sales of $679.59 Million

Brokerages expect Open Text Corp (NASDAQ:OTEX) (TSE:OTC) to announce $679.59 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Open Text’s earnings. The highest sales estimate is $695.00 million and the lowest is $664.18 million. Open Text posted sales of $542.71 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 25.2%. The business is expected to announce its next quarterly earnings results after the market closes on Wednesday, January 31st.

According to Zacks, analysts expect that Open Text will report full year sales of $679.59 million for the current fiscal year, with estimates ranging from $2.63 billion to $2.85 billion. For the next fiscal year, analysts forecast that the business will report sales of $2.93 billion per share, with estimates ranging from $2.68 billion to $3.19 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Open Text.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, November 2nd. The software maker reported $0.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.03. Open Text had a net margin of 6.12% and a return on equity of 6.53%.

OTEX has been the topic of a number of research reports. Zacks Investment Research raised shares of Open Text from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research note on Wednesday, October 18th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $40.00 price target on shares of Open Text in a research note on Monday, October 30th. TD Securities increased their price objective on shares of Open Text from $38.00 to $51.00 and gave the company a “buy” rating in a report on Friday, November 3rd. Barclays increased their price objective on shares of Open Text from $54.00 to $55.00 in a report on Friday, November 3rd. Finally, BMO Capital Markets cut their price objective on shares of Open Text from $40.00 to $38.00 in a report on Friday, November 3rd. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. Open Text presently has a consensus rating of “Hold” and an average target price of $42.27.

Open Text (OTEX) opened at $33.76 on Tuesday. The firm has a market cap of $8,936.12, a PE ratio of 59.23 and a beta of 0.44. Open Text has a 12 month low of $30.88 and a 12 month high of $35.80. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.67.

A number of hedge funds have recently added to or reduced their stakes in OTEX. Great West Life Assurance Co. Can raised its holdings in Open Text by 50.6% in the 3rd quarter. Great West Life Assurance Co. Can now owns 2,819,976 shares of the software maker’s stock valued at $90,775,000 after acquiring an additional 947,585 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Open Text by 67.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,068,128 shares of the software maker’s stock worth $65,198,000 after buying an additional 832,902 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Open Text by 2.8% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 18,056,800 shares of the software maker’s stock worth $583,717,000 after buying an additional 500,000 shares during the last quarter. Koch Industries Inc. increased its holdings in shares of Open Text by 4,756.9% during the 2nd quarter. Koch Industries Inc. now owns 351,497 shares of the software maker’s stock worth $341,000 after buying an additional 344,260 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Open Text by 5.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,827,929 shares of the software maker’s stock worth $215,124,000 after buying an additional 340,986 shares during the last quarter. Institutional investors own 67.61% of the company’s stock.

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About Open Text

Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.

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