Magic Software Enterprises Ltd (NASDAQ:MGIC) – Analysts at William Blair cut their FY2017 earnings per share (EPS) estimates for Magic Software Enterprises in a research note issued on Tuesday, Zacks Investment Research reports. William Blair analyst B. Suri now forecasts that the software maker will earn $0.50 per share for the year, down from their previous forecast of $0.55. William Blair also issued estimates for Magic Software Enterprises’ Q4 2017 earnings at $0.12 EPS, Q1 2018 earnings at $0.15 EPS, Q2 2018 earnings at $0.15 EPS, Q3 2018 earnings at $0.15 EPS, Q4 2018 earnings at $0.14 EPS and FY2018 earnings at $0.60 EPS.
Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings data on Tuesday, November 14th. The software maker reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.03). Magic Software Enterprises had a return on equity of 10.37% and a net margin of 4.77%. The firm had revenue of $65.70 million during the quarter, compared to analysts’ expectations of $62.65 million. During the same quarter in the previous year, the firm earned $0.12 earnings per share. Magic Software Enterprises’s revenue was up 20.6% on a year-over-year basis.
MGIC has been the subject of a number of other reports. Zacks Investment Research lowered shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a report on Wednesday, October 11th. Barclays restated a “buy” rating and issued a $10.50 price objective on shares of Magic Software Enterprises in a report on Thursday, November 16th. ValuEngine upgraded shares of Magic Software Enterprises from a “hold” rating to a “buy” rating in a report on Monday, September 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. Two investment analysts have rated the stock with a sell rating and five have issued a buy rating to the company’s stock. Magic Software Enterprises presently has a consensus rating of “Hold” and a consensus target price of $9.81.
Shares of Magic Software Enterprises (MGIC) traded down $0.15 during midday trading on Friday, reaching $8.05. 18,894 shares of the company were exchanged, compared to its average volume of 32,089. Magic Software Enterprises has a 52 week low of $6.65 and a 52 week high of $9.50. The stock has a market cap of $364.79, a price-to-earnings ratio of 17.08 and a beta of 0.65. The company has a debt-to-equity ratio of 0.16, a quick ratio of 3.45 and a current ratio of 3.45.
Institutional investors and hedge funds have recently made changes to their positions in the business. Clal Insurance Enterprises Holdings Ltd raised its stake in Magic Software Enterprises by 1,421.9% during the 2nd quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,186,020 shares of the software maker’s stock valued at $9,429,000 after buying an additional 1,108,088 shares during the last quarter. Edmond DE Rothschild Holding S.A. raised its stake in 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. Bank of New York Mellon Corp purchased a new stake in Magic Software Enterprises during the 2nd quarter valued at $544,000. Harel Insurance Investments & Financial Services Ltd. raised its stake in Magic Software Enterprises by 12.5% during 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 buying an additional 134,013 shares during the last quarter. Finally, Eagle Global Advisors LLC raised its stake in 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. Institutional investors and hedge funds own 9.32% 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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