$76.55 Million in Sales Expected for Magic Software Enterprises Ltd (NASDAQ:MGIC) This Quarter

Equities research analysts expect that Magic Software Enterprises Ltd (NASDAQ:MGIC) will announce $76.55 million in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Magic Software Enterprises’ earnings, with estimates ranging from $76.00 million to $77.10 million. Magic Software Enterprises posted sales of $70.22 million during the same quarter last year, which suggests a positive year-over-year growth rate of 9%. The business is scheduled to issue its next quarterly earnings results on Wednesday, August 14th.

According to Zacks, analysts expect that Magic Software Enterprises will report full-year sales of $310.35 million for the current financial year, with estimates ranging from $309.90 million to $310.80 million. For the next fiscal year, analysts expect that the business will report sales of $328.30 million, with estimates ranging from $318.00 million to $338.60 million. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Magic Software Enterprises.

Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings results on Thursday, May 16th. The software maker reported $0.14 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.14. The business had revenue of $71.80 million for the quarter, compared to analyst estimates of $75.30 million. Magic Software Enterprises had a return on equity of 10.83% and a net margin of 7.21%.

Several research analysts have issued reports on MGIC shares. ValuEngine lowered Magic Software Enterprises from a “buy” rating to a “hold” rating in a report on Tuesday, May 28th. HC Wainwright set a $10.00 price target on Magic Software Enterprises and gave the stock a “buy” rating in a report on Tuesday, March 5th. BidaskClub lowered Magic Software Enterprises from a “buy” rating to a “hold” rating in a report on Thursday, March 14th. Finally, Zacks Investment Research downgraded Magic Software Enterprises from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th.

Shares of NASDAQ:MGIC opened at $8.89 on Wednesday. The business has a 50 day moving average price of $8.72. The company has a market capitalization of $425.84 million, a price-to-earnings ratio of 16.16 and a beta of 0.97. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 0.08. Magic Software Enterprises has a 52-week low of $7.29 and a 52-week high of $10.20.

Several institutional investors have recently modified their holdings of the company. Van ECK Associates Corp raised its stake in shares of Magic Software Enterprises by 20.2% in the fourth quarter. Van ECK Associates Corp now owns 9,359 shares of the software maker’s stock worth $71,000 after purchasing an additional 1,571 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Magic Software Enterprises by 8.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 36,557 shares of the software maker’s stock worth $279,000 after purchasing an additional 2,700 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Magic Software Enterprises by 22.8% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,024 shares of the software maker’s stock worth $153,000 after purchasing an additional 3,715 shares during the last quarter. Menora Mivtachim Holdings LTD. raised its stake in shares of Magic Software Enterprises by 3.9% in the first quarter. Menora Mivtachim Holdings LTD. now owns 126,678 shares of the software maker’s stock worth $1,059,000 after purchasing an additional 4,727 shares during the last quarter. Finally, Naples Global Advisors LLC raised its stake in shares of Magic Software Enterprises by 6.0% in the first quarter. Naples Global Advisors LLC now owns 134,649 shares of the software maker’s stock worth $1,126,000 after purchasing an additional 7,600 shares during the last quarter. 15.47% of the stock is 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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Earnings History and Estimates for Magic Software Enterprises (NASDAQ:MGIC)

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