Wall Street analysts expect Magic Software Enterprises Ltd (NASDAQ:MGIC) to announce sales of $73.75 million for the current quarter, according to Zacks. Two analysts have provided estimates for Magic Software Enterprises’ earnings, with the highest sales estimate coming in at $75.00 million and the lowest estimate coming in at $72.50 million. Magic Software Enterprises posted sales of $66.09 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 11.6%. The company is expected to issue its next earnings report 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 company will post sales of $307.70 million, with estimates ranging from $300.00 million to $315.40 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that follow Magic Software Enterprises.
Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings data on Tuesday, November 13th. The software maker reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.02). The firm had revenue of $72.14 million for the quarter, compared to analysts’ expectations of $73.35 million. Magic Software Enterprises had a net margin of 6.88% and a return on equity of 11.02%.
Several equities analysts recently issued reports on MGIC shares. Zacks Investment Research downgraded shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. BidaskClub downgraded shares of Magic Software Enterprises from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, HC Wainwright set a $10.00 price objective on shares of Magic Software Enterprises and gave the company a “buy” rating in a research note on Wednesday, November 14th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the company. Magic Software Enterprises has an average rating of “Hold” and a consensus price target of $9.75.
A number of hedge funds have recently modified their holdings of the stock. Harel Insurance Investments & Financial Services Ltd. increased its position in Magic Software Enterprises by 0.9% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,292,389 shares of the software maker’s stock worth $10,985,000 after purchasing an additional 10,968 shares during the last quarter. Acadian Asset Management LLC acquired a new position in Magic Software Enterprises during the third quarter worth approximately $136,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Magic Software Enterprises during the third quarter worth approximately $139,000. Ramsey Quantitative Systems increased its position in Magic Software Enterprises by 54.4% during the third quarter. Ramsey Quantitative Systems now owns 60,989 shares of the software maker’s stock worth $518,000 after purchasing an additional 21,479 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in Magic Software Enterprises during the third quarter worth approximately $455,000. 14.73% of the stock is owned by hedge funds and other institutional investors.
Shares of MGIC traded down $0.02 on Friday, hitting $7.86. 16,451 shares of the stock traded hands, compared to its average volume of 46,679. 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 company has a market capitalization of $384.21 million, a price-to-earnings ratio of 17.09 and a beta of 0.80. Magic Software Enterprises has a 1 year low of $7.75 and a 1 year 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.
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