Brokerages expect Magic Software Enterprises Ltd (NASDAQ:MGIC) to announce sales of $73.35 million for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Magic Software Enterprises’ earnings, with the lowest sales estimate coming in at $73.00 million and the highest estimate coming in at $73.70 million. Magic Software Enterprises posted sales of $65.66 million in the same quarter last year, which would indicate a positive year over year growth rate of 11.7%. The company is scheduled to issue its next quarterly earnings results before the market opens on Tuesday, November 13th.
According to Zacks, analysts expect that Magic Software Enterprises will report full-year sales of $287.85 million for the current fiscal year, with estimates ranging from $287.80 million to $287.90 million. For the next financial year, analysts forecast that the business will report sales of $308.25 million, with estimates ranging from $300.00 million to $316.50 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Magic Software Enterprises.
Magic Software Enterprises (NASDAQ:MGIC) last issued its earnings results on Wednesday, August 8th. The software maker reported $0.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.01. The business had revenue of $70.22 million for the quarter, compared to the consensus estimate of $72.45 million. Magic Software Enterprises had a net margin of 6.59% and a return on equity of 10.92%.
Several equities analysts have commented on MGIC shares. Zacks Investment Research downgraded shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a report on Wednesday, October 10th. BidaskClub upgraded shares of Magic Software Enterprises from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 3rd. Finally, HC Wainwright set a $10.00 price objective on shares of Magic Software Enterprises and gave the company a “buy” rating in a report on Thursday, July 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $10.00.
MGIC traded down $0.06 during trading on Monday, reaching $8.52. 162 shares of the stock were exchanged, compared to its average volume of 29,812. Magic Software Enterprises has a twelve month low of $7.75 and a twelve month high of $9.25. The company has a market cap of $414.44 million, a price-to-earnings ratio of 18.52 and a beta of 0.76. The company has a current ratio of 3.12, a quick ratio of 3.12 and a debt-to-equity ratio of 0.12.
Several large investors have recently added to or reduced their stakes in the business. Naples Global Advisors LLC increased its holdings 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 valued at $830,000 after purchasing an additional 17,934 shares during the last quarter. Ramsey Quantitative Systems boosted its position in shares of Magic Software Enterprises by 54.4% in the third quarter. Ramsey Quantitative Systems now owns 60,989 shares of the software maker’s stock valued at $518,000 after acquiring an additional 21,479 shares during the period. Jane Street Group LLC bought a new stake in shares of Magic Software Enterprises in the second quarter valued at about $259,000. Harel Insurance Investments & Financial Services Ltd. boosted its position 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 valued at $10,636,000 after acquiring an additional 80,117 shares during the period. Finally, Delek Group Ltd. boosted its position 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 valued at $3,043,000 after acquiring an additional 187,943 shares during the period. Hedge funds and other institutional investors own 10.18% of the company’s stock.
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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