Wall Street analysts expect that Magic Software Enterprises Ltd (NASDAQ:MGIC) will post $85.50 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Magic Software Enterprises’ earnings. The highest sales estimate is $87.00 million and the lowest is $84.00 million. Magic Software Enterprises posted sales of $77.06 million during the same quarter last year, which indicates a positive year over year growth rate of 11%. The business is expected to report its next quarterly earnings results on Tuesday, August 11th.
On average, analysts expect that Magic Software Enterprises will report full year sales of $348.60 million for the current year, with estimates ranging from $347.20 million to $350.00 million. For the next financial year, analysts anticipate that the firm will post sales of $378.30 million, with estimates ranging from $370.00 million to $386.60 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Magic Software Enterprises.
Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings results on Tuesday, May 26th. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.04. Magic Software Enterprises had a net margin of 4.23% and a return on equity of 11.94%. The business had revenue of $85.21 million for the quarter, compared to analyst estimates of $82.65 million.
A number of analysts have recently weighed in on MGIC shares. TheStreet upgraded shares of Magic Software Enterprises from a “c+” rating to a “b-” rating in a research note on Thursday, May 21st. Zacks Investment Research upgraded shares of Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a research note on Saturday, June 20th. ValuEngine upgraded shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a research note on Tuesday, March 3rd. HC Wainwright downgraded shares of Magic Software Enterprises from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $11.00 to $8.50 in a report on Wednesday, March 11th. Finally, BidaskClub raised shares of Magic Software Enterprises from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Magic Software Enterprises presently has a consensus rating of “Buy” and an average target price of $10.75.
Shares of NASDAQ:MGIC traded down $0.14 during midday trading on Thursday, reaching $10.98. The company’s stock had a trading volume of 43,700 shares, compared to its average volume of 45,575. The firm has a market capitalization of $544.21 million, a PE ratio of 40.67 and a beta of 0.92. Magic Software Enterprises has a twelve month low of $6.31 and a twelve month high of $12.39. The stock has a fifty day moving average of $10.59 and a 200 day moving average of $9.80. The company has a quick ratio of 3.05, a current ratio of 3.05 and a debt-to-equity ratio of 0.06.
The company also recently declared a semi-annual dividend, which was paid on Thursday, June 25th. Investors of record on Tuesday, June 9th were issued a dividend of $0.08 per share. This represents a yield of 1.6%. The ex-dividend date of this dividend was Monday, June 8th. Magic Software Enterprises’s dividend payout ratio (DPR) is presently 41.38%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in Magic Software Enterprises by 3.8% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,499,803 shares of the software maker’s stock worth $20,098,000 after buying an additional 92,250 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Magic Software Enterprises by 11.6% during the fourth quarter. Renaissance Technologies LLC now owns 491,798 shares of the software maker’s stock valued at $4,810,000 after purchasing an additional 51,133 shares in the last quarter. Phoenix Holdings Ltd. lifted its holdings in Magic Software Enterprises by 19.0% during the first quarter. Phoenix Holdings Ltd. now owns 490,337 shares of the software maker’s stock valued at $3,847,000 after purchasing an additional 78,119 shares in the last quarter. AXA lifted its holdings in Magic Software Enterprises by 153.9% during the first quarter. AXA now owns 123,830 shares of the software maker’s stock valued at $996,000 after purchasing an additional 75,053 shares in the last quarter. Finally, Meitav Dash Investments Ltd. lifted its holdings in Magic Software Enterprises by 85.4% during the first quarter. Meitav Dash Investments Ltd. now owns 101,985 shares of the software maker’s stock valued at $816,000 after purchasing an additional 46,985 shares in the last quarter. 11.27% of the stock is currently owned by hedge funds and other institutional investors.
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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