Brokerages Anticipate Magic Software Enterprises Ltd (MGIC) to Announce $0.13 EPS

Equities research analysts expect that Magic Software Enterprises Ltd (NASDAQ:MGIC) will report earnings of $0.13 per share for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Magic Software Enterprises’ earnings, with estimates ranging from $0.12 to $0.14. Magic Software Enterprises posted earnings of $0.10 per share during the same quarter last year, which suggests a positive year-over-year growth rate of 30%. The company is scheduled to announce its next quarterly earnings results on Tuesday, February 20th.

On average, analysts expect that Magic Software Enterprises will report full year earnings of $0.55 per share for the current financial year, with EPS estimates ranging from $0.50 to $0.59. For the next fiscal year, analysts anticipate that the business will post earnings of $0.64 per share, with EPS estimates ranging from $0.60 to $0.67. Zacks’ earnings per share averages are an average based on a survey of sell-side analysts that that provide coverage for Magic Software Enterprises.

Magic Software Enterprises (NASDAQ:MGIC) last issued its earnings results on Tuesday, November 14th. The software maker reported $0.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.03). The firm had revenue of $65.70 million for the quarter, compared to analyst estimates of $62.65 million. Magic Software Enterprises had a return on equity of 7.40% and a net margin of 7.04%. Magic Software Enterprises’s quarterly revenue was up 20.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 earnings per share.

A number of brokerages recently weighed in on MGIC. BidaskClub downgraded shares of Magic Software Enterprises from a “sell” rating to a “strong sell” rating in a report on Tuesday, January 23rd. HC Wainwright reiterated a “buy” rating and issued a $10.00 price objective on shares of Magic Software Enterprises in a report on Monday, November 20th. Barclays reiterated a “buy” rating and issued a $10.50 price objective on shares of Magic Software Enterprises in a report on Thursday, November 16th. Finally, Zacks Investment Research upgraded shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Wednesday, January 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. Magic Software Enterprises presently has an average rating of “Buy” and an average price target of $9.81.

Large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its holdings in shares of Magic Software Enterprises by 11.2% in the second quarter. Dimensional Fund Advisors LP now owns 19,858 shares of the software maker’s stock valued at $158,000 after purchasing an additional 2,000 shares during the last quarter. AXA acquired a new position in shares of Magic Software Enterprises in the second quarter valued at $176,000. Macquarie Group Ltd. acquired a new position in shares of Magic Software Enterprises in the third quarter valued at $518,000. Naples Global Advisors LLC acquired a new position in shares of Magic Software Enterprises in the fourth quarter valued at $560,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Magic Software Enterprises in the second quarter valued at $544,000. Hedge funds and other institutional investors own 9.32% of the company’s stock.

Shares of Magic Software Enterprises (NASDAQ:MGIC) traded down $0.15 on Friday, reaching $9.00. 29,976 shares of the company were exchanged, compared to its average volume of 27,323. The firm has a market capitalization of $407.07, a P/E ratio of 33.33 and a beta of 0.65. Magic Software Enterprises has a fifty-two week low of $6.75 and a fifty-two week high of $9.50. The company has a debt-to-equity ratio of 0.16, a quick ratio of 3.45 and a current ratio of 3.45.

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About Magic Software Enterprises

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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