Brokerages expect that Magic Software Enterprises Ltd (NASDAQ:MGIC) will post $63.75 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Magic Software Enterprises’ earnings. The highest sales estimate is $65.00 million and the lowest is $62.50 million. Magic Software Enterprises posted sales of $55.14 million in the same quarter last year, which suggests a positive year over year growth rate of 15.6%. The business is scheduled to issue its next quarterly earnings results on Tuesday, February 20th.
According to Zacks, analysts expect that Magic Software Enterprises will report full year sales of $63.75 million for the current year, with estimates ranging from $254.40 million to $256.90 million. For the next financial year, analysts forecast that the firm will report sales of $282.65 million per share, with estimates ranging from $282.30 million to $283.00 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Magic Software Enterprises.
Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings results on Tuesday, November 14th. The software maker reported $0.12 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $62.65 million. During the same quarter last year, the firm posted $0.12 earnings per share. The firm’s revenue for the quarter was up 20.6% compared to the same quarter last year.
Several analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Wednesday, October 11th. Barclays reaffirmed a “buy” rating and set a $10.50 target price on shares of Magic Software Enterprises in a report on Thursday, November 16th. HC Wainwright reaffirmed a “buy” rating and set a $10.00 target price on shares of Magic Software Enterprises in a report on Monday, November 20th. Finally, BidaskClub lowered shares of Magic Software Enterprises from a “sell” rating to a “strong sell” rating in a report on Tuesday, January 23rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $9.81.
Several institutional investors have recently made changes to their positions in MGIC. Harel Insurance Investments & Financial Services Ltd. boosted 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 in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Magic Software Enterprises in the 2nd quarter valued at $544,000. Naples Global Advisors LLC purchased a new stake in shares of Magic Software Enterprises in the 4th quarter valued at $560,000. Macquarie Group Ltd. purchased a new stake in shares of Magic Software Enterprises in the 3rd quarter valued at $518,000. Finally, Clal Insurance Enterprises Holdings Ltd boosted 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 in the last quarter. 9.47% of the stock is owned by institutional investors.
Magic Software Enterprises (MGIC) opened at $9.03 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.45 and a quick ratio of 3.45. The firm has a market cap of $385.69, a PE ratio of 34.71 and a beta of 0.65. Magic Software Enterprises has a 52 week low of $6.85 and a 52 week high of $9.50.
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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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