Magic Software Enterprises Ltd. (MGIC) Expected to Post Earnings of $0.15 Per Share
Brokerages predict that Magic Software Enterprises Ltd. (NASDAQ:MGIC) will report $0.15 earnings per share (EPS) for the current quarter, according to Zacks. Two analysts have provided estimates for Magic Software Enterprises’ earnings, with estimates ranging from $0.14 to $0.16. Magic Software Enterprises reported earnings of $0.12 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 25%. The business is expected to report its next quarterly earnings report before the market opens on Tuesday, November 14th.
According to Zacks, analysts expect that Magic Software Enterprises will report full year earnings of $0.57 per share for the current fiscal year, with EPS estimates ranging from $0.55 to $0.59. For the next fiscal year, analysts anticipate that the business will post earnings of $0.65 per share, with EPS estimates ranging from $0.63 to $0.66. Zacks’ EPS averages are a mean average based on a survey of sell-side analysts that cover Magic Software Enterprises.
Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Wednesday, August 9th. The software maker reported $0.13 EPS for the quarter, beating the consensus estimate of $0.12 by $0.01. The firm had revenue of $65.50 million for the quarter, compared to analyst estimates of $52.65 million. Magic Software Enterprises had a return on equity of 10.49% and a net margin of 5.08%. Magic Software Enterprises’s revenue for the quarter was up 38.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.12 earnings per share.
A number of brokerages have commented on MGIC. ValuEngine upgraded shares of Magic Software Enterprises from a “hold” rating to a “buy” rating in a report on Monday, September 11th. BidaskClub lowered shares of Magic Software Enterprises from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Zacks Investment Research lowered shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a report on Wednesday, October 11th. Finally, HC Wainwright set a $10.00 price objective on shares of Magic Software Enterprises and gave the stock a “buy” rating in a report on Thursday, August 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. Magic Software Enterprises presently has a consensus rating of “Buy” and a consensus target price of $9.69.
Several institutional investors and hedge funds have recently added to or reduced their stakes in MGIC. Dimensional Fund Advisors LP increased its position in shares of Magic Software Enterprises by 11.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 19,858 shares of the software maker’s stock worth $158,000 after purchasing an additional 2,000 shares during the last quarter. AXA bought a new stake in shares of Magic Software Enterprises during the 2nd quarter valued at about $176,000. Bank of New York Mellon Corp bought a new stake in shares of Magic Software Enterprises during the 2nd quarter valued at about $544,000. Eagle Global Advisors LLC grew its position in shares of Magic Software Enterprises by 12.7% during the 2nd quarter. Eagle Global Advisors LLC now owns 79,783 shares of the software maker’s stock valued at $634,000 after buying an additional 9,000 shares during the last quarter. Finally, Edmond DE Rothschild Holding S.A. grew its position in shares of Magic Software Enterprises by 39.1% during the 2nd quarter. Edmond DE Rothschild Holding S.A. now owns 101,539 shares of the software maker’s stock valued at $807,000 after buying an additional 28,539 shares during the last quarter. 8.99% of the stock is owned by institutional investors.
Magic Software Enterprises (NASDAQ:MGIC) opened at 8.75 on Friday. The stock has a market cap of $386.16 million, a price-to-earnings ratio of 32.41 and a beta of 0.67. The company has a 50-day moving average price of $8.83 and a 200 day moving average price of $8.18. Magic Software Enterprises has a 12-month low of $6.65 and a 12-month high of $9.50.
Magic Software Enterprises Company Profile
Magic Software Enterprises Ltd. is a provider of application development, business process integration platforms, vertical software solutions and related professional services. The Company is a vendor of information technology (IT) outsourcing services. Its software technology is used by customers to develop, deploy and integrate on premise, mobile and cloud-based business.
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