Open Text (NASDAQ:OTEX) Releases Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Open Text (NASDAQ:OTEX) (TSE:OTC) released its earnings results on Thursday. The software maker reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10, Zacks reports. Open Text had a net margin of 8.35% and a return on equity of 24.34%.

Open Text Trading Down 2.8 %

Shares of NASDAQ OTEX opened at $29.53 on Friday. The stock has a market capitalization of $7.79 billion, a P/E ratio of 17.07 and a beta of 1.12. Open Text has a 1-year low of $26.84 and a 1-year high of $42.17. The business’s 50 day moving average is $28.92 and its two-hundred day moving average is $30.65. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79.

Analysts Set New Price Targets

A number of research firms have commented on OTEX. UBS Group began coverage on Open Text in a report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price target on the stock. TD Securities dropped their price target on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Monday. Citigroup reduced their price objective on shares of Open Text from $33.00 to $30.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Royal Bank of Canada lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $45.00 to $33.00 in a research report on Friday, November 1st. Finally, Barclays reduced their price target on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Open Text presently has an average rating of “Hold” and an average price target of $35.27.

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.