Wall Street brokerages predict that Magic Software Enterprises Ltd (NASDAQ:MGIC) will report $0.15 earnings per share for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Magic Software Enterprises’ earnings. The highest EPS estimate is $0.15 and the lowest is $0.14. Magic Software Enterprises reported earnings per share of $0.13 during the same quarter last year, which suggests a positive year-over-year growth rate of 15.4%. The business is expected to issue its next quarterly earnings results on Wednesday, August 8th.
On average, analysts expect that Magic Software Enterprises will report full year earnings of $0.57 per share for the current fiscal year, with EPS estimates ranging from $0.56 to $0.58. For the next year, analysts anticipate that the company will report earnings of $0.63 per share, with EPS estimates ranging from $0.60 to $0.66. Zacks Investment Research’s EPS averages are a mean average based on a survey of analysts that follow Magic Software Enterprises.
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Magic Software Enterprises (NASDAQ:MGIC) last issued its earnings results on Wednesday, May 16th. The software maker reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.01. Magic Software Enterprises had a net margin of 5.90% and a return on equity of 10.41%. The firm had revenue of $69.73 million for the quarter, compared to analysts’ expectations of $66.55 million.
MGIC has been the topic of several recent analyst reports. BidaskClub upgraded shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Friday, April 27th. ValuEngine cut shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a report on Monday, May 7th. Zacks Investment Research upgraded shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Tuesday, May 22nd. HC Wainwright set a $10.00 price target on shares of Magic Software Enterprises and gave the company a “buy” rating in a report on Thursday, May 17th. Finally, Bank of America cut shares of Magic Software Enterprises from a “neutral” rating to an “underperform” rating in a report on Wednesday, June 13th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $9.75.
Shares of Magic Software Enterprises stock traded down $0.05 on Thursday, hitting $8.35. The stock had a trading volume of 200 shares, compared to its average volume of 18,914. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.04 and a current ratio of 3.04. Magic Software Enterprises has a one year low of $7.60 and a one year high of $9.50. The stock has a market capitalization of $371.48 million, a price-to-earnings ratio of 17.93 and a beta of 0.77.
A number of institutional investors have recently made changes to their positions in the business. Unterberg Capital LLC lifted its position in Magic Software Enterprises by 354.5% during the first quarter. Unterberg Capital LLC now owns 170,876 shares of the software maker’s stock valued at $1,452,000 after buying an additional 133,276 shares during the period. Delek Group Ltd. purchased a new position in Magic Software Enterprises during the fourth quarter valued at $6,150,000. Meitav Dash Investments Ltd. purchased a new position in Magic Software Enterprises during the fourth quarter valued at $5,201,000. Macquarie Group Ltd. lifted its position in Magic Software Enterprises by 10.9% during the fourth quarter. Macquarie Group Ltd. now owns 65,637 shares of the software maker’s stock valued at $555,000 after buying an additional 6,428 shares during the period. Finally, Millennium Management LLC purchased a new position in Magic Software Enterprises during the fourth quarter valued at $106,000. 11.03% of the stock is owned by institutional investors and hedge funds.
Magic Software Enterprises Company Profile
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, and vertical software solutions and related professional services in Israel and internationally. The company's Software Solutions 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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