Stock News Buzz: Open Text Corporation (NASDAQ:OTEX)

Open Text Corporation (NASDAQ:OTEX) holds 272.47 million shares outstanding and 261.8 million shares are floated in market. The company revealed recent move of 1.59% to $33.8.  Around 430472 shares traded in most recent trading session compared to an average volume of 476.53K. The stock changed with return 0.72% over last weekly period.

The monthly performance of stock was observed at -9.16%. OTEX’s shares are moving at -10.49% for the quarter and managed a -3.37% return over the course of the past year and is now at -5.24% since this point in 2018.

Open Text Corporation (NASDAQ:OTEX), “The Information Company,” reported its financial results for the first quarter ended September 30, 2018.

Mark J. Barrenechea, OpenText Vice Chair, CEO & CTO said “OpenText delivered a strong Q1 and we are tracking to our Fiscal 2019 target model.  Our Q1 results included solid year-over-year growth: Annual Recurring Revenue (ARR) of $520 million, up 6%, Adjusted EBITDA of $246 million or 37% of revenues (up 250 bps), and Operating Cash Flows of $171 million, up 155%”.  “OpenText Cloud revenues grew 7% to $208 million and delivered 58% margin while Customer Support grew 6% to $312 million and delivered 90% margin. I am proud of the team and pleased with our start to the new fiscal year.”

Mr. Barrenechea added, “These results show the deep value and superior experience our customers receive. OpenText’s vision and position as market leader in Content Services, B2B Network Services, and Cloud Services allows our customers to differentiate from their competition and win in the Digital Age.”

OpenText EVP, CFO, Madhu Ranganathan said “I am pleased with our Q1 Fiscal 2019 results, as OpenText expanded margins and strengthened its balance sheet”. “We remain focused in our approach to scaling productivity and continuous improvement.  We are successfully executing towards our recently announced restructuring plan. Our balance sheet and liquidity position remain very strong with approximately $788 million of cash at the end of the quarter, a 1.7x consolidated net leverage ratio, giving us the flexibility to further support our Total Growth strategy.”

Its quarter to quarter sales remained 13.70% and sales observed at 15.60% over past 5 years. The stock beta value is 0.46. OTEX stock changed at -6.21% distance from its 200-day moving average. On a similar note, the stock marked distance of -8.48% from its 50-day moving average and moved -2.28% away from its 20-day moving average. The average volatility for the week and month was at 2.94% and 2.55% respectively.

About the Author

Jose Tuttle
Jose Tuttle
Jose Tuttle joined the mostvolatilestocks.com, after more than 10 years of experience in writing financial and business news, most recently as Investment Editor and writer. He also has a vast knowledge of stock trading. He earned bachelor degree from Union College with a focus in Business Administration. Jose is the Senior Editor for mostvolatilestocks.com and market movers section. He also holds an MBA from Penn State University He has two daughter and two children. Email Contact -  Jose@mostvolatilestocks.com.

Be the first to comment on "Stock News Buzz: Open Text Corporation (NASDAQ:OTEX)"

Leave a comment

Your email address will not be published.


*