Wall Street brokerages expect Magic Software Enterprises Ltd. (NASDAQ:MGIC) to post $94.65 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Magic Software Enterprises’ earnings, with the highest sales estimate coming in at $95.30 million and the lowest estimate coming in at $94.00 million. Magic Software Enterprises reported sales of $90.93 million in the same quarter last year, which indicates a positive year-over-year growth rate of 4.1%. The business is expected to report its next quarterly earnings report on Monday, March 8th.
According to Zacks, analysts expect that Magic Software Enterprises will report full-year sales of $361.25 million for the current year, with estimates ranging from $360.60 million to $361.90 million. For the next fiscal year, analysts anticipate that the business will report sales of $389.90 million, with estimates ranging from $380.00 million to $399.80 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 announced its quarterly earnings results on Sunday, November 15th. The software maker reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. Magic Software Enterprises had a return on equity of 12.69% and a net margin of 4.85%. The company had revenue of $94.89 million during the quarter, compared to analyst estimates of $88.50 million.
Several brokerages have recently weighed in on MGIC. ValuEngine downgraded Magic Software Enterprises from a “hold” rating to a “sell” rating in a report on Thursday, December 10th. BidaskClub downgraded Magic Software Enterprises from a “hold” rating to a “sell” rating in a report on Tuesday, November 10th. William Blair reiterated an “outperform” rating on shares of Magic Software Enterprises in a report on Monday, November 16th. Finally, Zacks Investment Research upgraded Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a report on Friday, October 2nd. Two analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. Magic Software Enterprises presently has a consensus rating of “Hold” and a consensus target price of $16.00.
Several hedge funds have recently bought and sold shares of MGIC. Morgan Stanley lifted its position in shares of Magic Software Enterprises by 265.7% during the 3rd quarter. Morgan Stanley now owns 3,584 shares of the software maker’s stock valued at $47,000 after buying an additional 2,604 shares in the last quarter. Virtu Financial LLC purchased a new position in Magic Software Enterprises in the 2nd quarter worth approximately $140,000. Ritholtz Wealth Management purchased a new position in Magic Software Enterprises in the 3rd quarter worth approximately $148,000. BlackRock Inc. lifted its holdings in Magic Software Enterprises by 25.5% in the 3rd quarter. BlackRock Inc. now owns 16,315 shares of the software maker’s stock worth $214,000 after purchasing an additional 3,318 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in Magic Software Enterprises by 84.3% in the 2nd quarter. Jane Street Group LLC now owns 21,607 shares of the software maker’s stock worth $244,000 after purchasing an additional 9,881 shares in the last quarter. 15.81% of the stock is currently owned by hedge funds and other institutional investors.
MGIC opened at $15.28 on Friday. The stock has a fifty day simple moving average of $14.80 and a two-hundred day simple moving average of $13.36. The company has a current ratio of 2.51, a quick ratio of 2.51 and a debt-to-equity ratio of 0.07. The company has a market cap of $747.79 million, a price-to-earnings ratio of 43.66 and a beta of 1.31. Magic Software Enterprises has a 12-month low of $6.31 and a 12-month high of $16.87.
About Magic Software Enterprises
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and information technologies (IT) outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.
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