Magic Software Enterprises Ltd. (NASDAQ:MGIC) announced its quarterly earnings results on Thursday. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by $0.02. Magic Software Enterprises had a net margin of 8.43% and a return on equity of 10.68%. The firm earned $54.50 million during the quarter, compared to analyst estimates of $50.10 million. During the same period last year, the firm earned $0.13 EPS. Magic Software Enterprises’s quarterly revenue was up 19.4% on a year-over-year basis.

Shares of Magic Software Enterprises (NASDAQ:MGIC) opened at 7.00 on Friday. The company has a 50-day moving average of $7.26 and a 200 day moving average of $7.11. The company has a market capitalization of $308.92 million, a PE ratio of 20.59 and a beta of 0.77. Magic Software Enterprises has a 52-week low of $5.13 and a 52-week high of $7.89.

Earnings History for Magic Software Enterprises (NASDAQ:MGIC)

Several equities analysts have recently issued reports on the stock. Barclays PLC set a $9.00 price target on shares of Magic Software Enterprises and gave the company a “buy” rating in a report on Thursday, August 11th. Compass Point cut shares of Magic Software Enterprises from a “buy” rating to a “neutral” rating in a research report on Wednesday, October 19th. Finally, Zacks Investment Research raised shares of Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $8.50 price objective on the stock in a research report on Friday, August 12th.

Several institutional investors have recently added to or reduced their stakes in MGIC. GHP Investment Advisors Inc. increased its position in Magic Software Enterprises by 24.7% in the third quarter. GHP Investment Advisors Inc. now owns 17,990 shares of the company’s stock valued at $128,000 after buying an additional 3,560 shares during the last quarter. Menora Mivtachim Holdings LTD. increased its position in Magic Software Enterprises by 261.7% in the second quarter. Menora Mivtachim Holdings LTD. now owns 174,316 shares of the company’s stock valued at $1,156,000 after buying an additional 126,116 shares during the last quarter. O Shaughnessy Asset Management LLC increased its position in Magic Software Enterprises by 15.7% in the second quarter. O Shaughnessy Asset Management LLC now owns 32,773 shares of the company’s stock valued at $217,000 after buying an additional 4,452 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its position in Magic Software Enterprises by 4.9% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,062,741 shares of the company’s stock valued at $7,046,000 after buying an additional 50,000 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Magic Software Enterprises by 9.6% in the first quarter. Geode Capital Management LLC now owns 22,249 shares of the company’s stock valued at $150,000 after buying an additional 1,941 shares during the last quarter. 8.50% of the stock is owned by hedge funds and other institutional investors.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. is a provider of application development, business process integration platforms, vertical software solutions and related professional services. The Company is a vendor of information technology (IT) outsourcing services. Its software technology is used by customers to develop, deploy and integrate on premise, mobile and cloud-based business.

5 Day Chart for NASDAQ:MGIC

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