Wall Street brokerages expect that Magic Software Enterprises Ltd (NASDAQ:MGIC) will post $0.16 earnings per share for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Magic Software Enterprises’ earnings. The highest EPS estimate is $0.17 and the lowest is $0.14. Magic Software Enterprises posted earnings of $0.12 per share during the same quarter last year, which indicates a positive year over year growth rate of 33.3%. The business is scheduled to report its next quarterly earnings report before the market opens on Tuesday, November 13th.
According to Zacks, analysts expect that Magic Software Enterprises will report full-year earnings of $0.60 per share for the current fiscal year, with EPS estimates ranging from $0.57 to $0.62. For the next financial year, analysts expect that the firm will post earnings of $0.64 per share, with EPS estimates ranging from $0.60 to $0.68. Zacks’ earnings per share calculations are a mean average based on a survey of 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, beating the Zacks’ consensus estimate of $0.15 by $0.01. The business had revenue of $70.22 million for the quarter, compared to analyst estimates of $72.45 million. Magic Software Enterprises had a return on equity of 10.92% and a net margin of 6.59%.
A number of research analysts have recently commented on MGIC shares. Zacks Investment Research raised Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $9.50 price objective on the stock in a report on Tuesday, August 14th. HC Wainwright set a $10.00 price objective on Magic Software Enterprises and gave the company a “buy” rating in a report on Thursday, August 9th. Finally, BidaskClub raised Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Saturday, October 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. Magic Software Enterprises has a consensus rating of “Hold” and an average target price of $10.00.
A number of large investors have recently made changes to their positions in the stock. Harel Insurance Investments & Financial Services Ltd. boosted its stake in Magic Software Enterprises by 6.7% during the 2nd 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 purchasing an additional 80,117 shares during the period. Delek Group Ltd. boosted its stake in Magic Software Enterprises by 105.1% during the 2nd quarter. Delek Group Ltd. now owns 366,684 shares of the software maker’s stock valued at $3,043,000 after purchasing an additional 187,943 shares during the period. Segall Bryant & Hamill LLC bought a new stake in Magic Software Enterprises during the 2nd quarter valued at approximately $2,288,000. Naples Global Advisors LLC boosted its stake in Magic Software Enterprises by 21.9% during the 2nd 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 period. Finally, Ramsey Quantitative Systems boosted its stake in Magic Software Enterprises by 54.4% during the 3rd quarter. Ramsey Quantitative Systems now owns 60,989 shares of the software maker’s stock valued at $518,000 after purchasing an additional 21,479 shares during the period. Hedge funds and other institutional investors own 10.18% of the company’s stock.
Shares of NASDAQ MGIC traded down $0.10 during mid-day trading on Friday, reaching $8.35. 4,093 shares of the company traded hands, compared to its average volume of 36,196. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.12 and a current ratio of 3.12. The firm has a market cap of $412.00 million, a price-to-earnings ratio of 18.15 and a beta of 0.76. Magic Software Enterprises has a fifty-two week low of $7.75 and a fifty-two week high of $9.25.
About Magic Software Enterprises
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.
Recommended Story: What Are Treasury Bonds?
Get a free copy of the Zacks research report on Magic Software Enterprises (MGIC)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Magic Software Enterprises Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magic Software Enterprises and related companies with MarketBeat.com's FREE daily email newsletter.