Equities analysts predict that Magic Software Enterprises Ltd (NASDAQ:MGIC) will post $73.75 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Magic Software Enterprises’ earnings, with the lowest sales estimate coming in at $72.50 million and the highest estimate coming in at $75.00 million. Magic Software Enterprises reported sales of $66.09 million in the same quarter last year, which would suggest a positive year over year growth rate of 11.6%. The company is scheduled to issue its next quarterly earnings results on Wednesday, February 27th.
According to Zacks, analysts expect that Magic Software Enterprises will report full-year sales of $285.85 million for the current financial year, with estimates ranging from $284.60 million to $287.10 million. For the next financial year, analysts forecast that the firm will post sales of $307.70 million, with estimates ranging from $300.00 million to $315.40 million. Zacks’ sales calculations are an 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 results on Tuesday, November 13th. The software maker reported $0.14 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.02). Magic Software Enterprises had a net margin of 6.88% and a return on equity of 11.02%. The company had revenue of $72.14 million for the quarter, compared to analyst estimates of $73.35 million.
Several brokerages recently commented on MGIC. BidaskClub raised Magic Software Enterprises from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 23rd. HC Wainwright set a $10.00 price objective on Magic Software Enterprises and gave the company a “buy” rating in a research note on Thursday, August 9th. Finally, Zacks Investment Research upgraded Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $9.50 price objective on the stock in a research note on Tuesday, August 14th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $9.75.
NASDAQ MGIC traded down $0.04 during trading hours on Friday, hitting $7.88. 31,100 shares of the company traded hands, compared to its average volume of 30,717. Magic Software Enterprises has a twelve month low of $7.75 and a twelve month high of $9.25. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.91 and a current ratio of 3.91. The stock has a market capitalization of $386.16 million, a PE ratio of 17.15 and a beta of 0.80.
A number of large investors have recently added to or reduced their stakes in MGIC. Clal Insurance Enterprises Holdings Ltd raised its stake in Magic Software Enterprises by 90.9% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 2,512,090 shares of the software maker’s stock valued at $21,353,000 after buying an additional 1,196,218 shares during the period. Segall Bryant & Hamill LLC bought a new stake in Magic Software Enterprises in the second quarter valued at approximately $2,288,000. Delek Group Ltd. raised its stake in 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 buying an additional 187,943 shares during the period. Menora Mivtachim Holdings LTD. bought a new stake in Magic Software Enterprises in the third quarter valued at approximately $1,037,000. Finally, Renaissance Technologies LLC raised its stake in Magic Software Enterprises by 9.4% in the third quarter. Renaissance Technologies LLC now owns 432,052 shares of the software maker’s stock valued at $3,672,000 after buying an additional 37,100 shares during the period. Hedge funds and other institutional investors own 14.73% 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.
Read More: How Do Tariffs Affect Trade Balances?
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.