Magic Software Enterprises Ltd. (MGIC) Posts Earnings Results, Misses Expectations By $0.03 EPS
Magic Software Enterprises Ltd. (NASDAQ:MGIC) posted its earnings results on Tuesday. The software maker reported $0.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.03), Briefing.com reports. Magic Software Enterprises had a return on equity of 10.49% and a net margin of 5.08%. The business had revenue of $65.70 million during the quarter, compared to analyst estimates of $62.65 million. During the same quarter in the prior year, the company earned $0.12 EPS. The company’s revenue was up 20.6% on a year-over-year basis.
Shares of Magic Software Enterprises (MGIC) opened at $8.85 on Tuesday. Magic Software Enterprises has a 52-week low of $6.65 and a 52-week high of $9.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.55 and a quick ratio of 3.55. The stock has a market cap of $387.03, a PE ratio of 18.13 and a beta of 0.70.
A number of research firms recently weighed in on MGIC. BidaskClub lowered shares of Magic Software Enterprises from a “sell” rating to a “strong sell” rating in a report on Friday, August 4th. Zacks Investment Research upgraded shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. HC Wainwright set a $10.00 target price on shares of Magic Software Enterprises and gave the stock a “buy” rating in a report on Thursday, August 10th. Finally, ValuEngine upgraded shares of Magic Software Enterprises from a “hold” rating to a “buy” rating in a report on Monday, September 11th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $9.69.
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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