Wall Street brokerages predict that Magic Software Enterprises Ltd (NASDAQ:MGIC) will post earnings per share (EPS) of $0.16 for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Magic Software Enterprises’ earnings, with estimates ranging from $0.14 to $0.17. Magic Software Enterprises reported earnings of $0.12 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 33.3%. The firm is scheduled to announce its next earnings report on Tuesday, November 13th.
On average, analysts expect that Magic Software Enterprises will report full year earnings of $0.60 per share for the current year, with EPS estimates ranging from $0.57 to $0.62. For the next financial year, analysts forecast that the company will report earnings of $0.64 per share, with EPS estimates ranging from $0.60 to $0.68. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research analysts that that provide coverage for Magic Software Enterprises.
Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Wednesday, August 8th. The software maker reported $0.16 EPS for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.01. The firm had revenue of $70.22 million during the quarter, compared to the consensus estimate of $72.45 million. Magic Software Enterprises had a return on equity of 10.92% and a net margin of 6.59%.
MGIC has been the subject of a number of recent research reports. HC Wainwright set a $10.00 price objective on Magic Software Enterprises and gave the stock a “buy” rating in a research note on Thursday, August 9th. Zacks Investment Research upgraded Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $9.50 price objective for the company in a research note on Tuesday, August 14th. Finally, BidaskClub upgraded Magic Software Enterprises from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 23rd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. Magic Software Enterprises has a consensus rating of “Hold” and a consensus target price of $10.00.
Several large investors have recently added to or reduced their stakes in the company. Naples Global Advisors LLC grew its stake in shares of Magic Software Enterprises by 21.9% in the second quarter. Naples Global Advisors LLC now owns 99,991 shares of the software maker’s stock worth $830,000 after purchasing an additional 17,934 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Magic Software Enterprises in the second quarter worth $259,000. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Magic Software Enterprises by 6.7% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,281,421 shares of the software maker’s stock worth $10,636,000 after purchasing an additional 80,117 shares in the last quarter. Delek Group Ltd. grew its stake in shares of Magic Software Enterprises by 105.1% in the second quarter. Delek Group Ltd. now owns 366,684 shares of the software maker’s stock worth $3,043,000 after purchasing an additional 187,943 shares in the last quarter. Finally, Segall Bryant & Hamill LLC bought a new position in shares of Magic Software Enterprises in the second quarter worth $2,288,000. 10.18% of the stock is owned by institutional investors.
Shares of MGIC opened at $8.61 on Friday. The firm has a market cap of $414.44 million, a P/E ratio of 18.72 and a beta of 0.76. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. Magic Software Enterprises has a 12 month low of $7.75 and a 12 month high of $9.50.
Magic Software Enterprises Company Profile
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.
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