Magic Software Enterprises Ltd (MGIC) Expected to Post Earnings of $0.13 Per Share

Equities research analysts expect Magic Software Enterprises Ltd (NASDAQ:MGIC) to post $0.13 earnings per share for the current quarter, according to Zacks. Two analysts have made estimates for Magic Software Enterprises’ earnings, with the highest EPS estimate coming in at $0.14 and the lowest estimate coming in at $0.12. Magic Software Enterprises posted earnings of $0.10 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 30%. The business is scheduled to report its next earnings report before the market opens on Wednesday, February 28th.

On average, analysts expect that Magic Software Enterprises will report full-year earnings of $0.55 per share for the current fiscal year, with EPS estimates ranging from $0.50 to $0.59. For the next year, analysts expect that the company 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 research firms that cover Magic Software Enterprises.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Tuesday, November 14th. The software maker reported $0.12 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.03). The business had revenue of $65.70 million during the quarter, compared to analysts’ expectations of $62.65 million. Magic Software Enterprises had a net margin of 4.77% and a return on equity of 10.37%. The firm’s revenue was up 20.6% on a year-over-year basis. During the same period last year, the company earned $0.12 earnings per share.

MGIC has been the subject of several analyst reports. Zacks Investment Research cut shares of Magic Software Enterprises from a “hold” rating to a “sell” rating in a research note on Friday, November 17th. Barclays reiterated a “buy” rating and issued a $10.50 target price on shares of Magic Software Enterprises in a research note on Thursday, November 16th. HC Wainwright set a $10.00 target price on shares of Magic Software Enterprises and gave the company a “buy” rating in a research note on Monday, November 20th. Finally, BidaskClub cut shares of Magic Software Enterprises from a “sell” rating to a “strong sell” rating in a research note on Tuesday, January 23rd. Two research analysts have rated the stock with a sell rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $9.81.

Magic Software Enterprises (NASDAQ:MGIC) traded down $0.15 during mid-day trading on Wednesday, hitting $8.30. 19,400 shares of the stock traded hands, compared to its average volume of 29,930. The stock has a market cap of $375.74, a P/E ratio of 30.74 and a beta of 0.76. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.45 and a quick ratio of 3.45. Magic Software Enterprises has a fifty-two week low of $7.35 and a fifty-two week high of $9.50.

Several institutional investors and hedge funds have recently bought and sold shares of MGIC. Bank of New York Mellon Corp acquired a new position in shares of Magic Software Enterprises in the 2nd quarter valued at $544,000. Dimensional Fund Advisors LP lifted its stake 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 valued at $158,000 after purchasing an additional 2,000 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its stake in shares of Magic Software Enterprises by 12.5% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,202,004 shares of the software maker’s stock valued at $10,457,000 after purchasing an additional 134,013 shares during the period. Macquarie Group Ltd. acquired a new position in shares of Magic Software Enterprises in the 3rd quarter valued at $518,000. Finally, Clal Insurance Enterprises Holdings Ltd lifted its stake in shares of Magic Software Enterprises by 0.9% in the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,196,982 shares of the software maker’s stock valued at $10,414,000 after purchasing an additional 10,962 shares during the period. Hedge funds and other institutional investors own 9.47% of the company’s stock.

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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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