Magic Software Enterprises (NASDAQ:MGIC) posted its quarterly earnings data on Tuesday. The software maker reported $0.14 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.14, Morningstar.com reports. Magic Software Enterprises had a net margin of 7.21% and a return on equity of 10.83%. The company had revenue of $77.06 million during the quarter, compared to the consensus estimate of $76.55 million. Magic Software Enterprises updated its FY 2019 guidance to EPS.

Shares of NASDAQ MGIC traded down $0.20 on Wednesday, reaching $8.75. 3,079 shares of the company traded hands, compared to its average volume of 22,790. The firm’s 50 day moving average is $8.95. The company has a market capitalization of $430.24 million, a PE ratio of 15.91 and a beta of 0.95. Magic Software Enterprises has a fifty-two week low of $7.29 and a fifty-two week high of $10.20. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 0.08.

A number of research firms have recently commented on MGIC. HC Wainwright reaffirmed a “buy” rating and set a $10.00 price objective on shares of Magic Software Enterprises in a research note on Thursday, May 23rd. Zacks Investment Research raised shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a research note on Tuesday, July 16th. BidaskClub raised shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a research note on Wednesday, June 26th. Finally, ValuEngine downgraded shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in Magic Software Enterprises by 4.3% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,854,066 shares of the software maker’s stock worth $16,631,000 after acquiring an additional 75,615 shares during the period. Delek Group Ltd. boosted its holdings in Magic Software Enterprises by 15.4% in the 1st quarter. Delek Group Ltd. now owns 555,755 shares of the software maker’s stock worth $4,623,000 after acquiring an additional 73,978 shares during the period. Renaissance Technologies LLC boosted its holdings in Magic Software Enterprises by 2.1% in the 2nd quarter. Renaissance Technologies LLC now owns 419,134 shares of the software maker’s stock worth $3,760,000 after acquiring an additional 8,769 shares during the period. Naples Global Advisors LLC boosted its holdings in Magic Software Enterprises by 4.0% in the 2nd quarter. Naples Global Advisors LLC now owns 139,999 shares of the software maker’s stock worth $1,256,000 after acquiring an additional 5,350 shares during the period. Finally, Menora Mivtachim Holdings LTD. boosted its holdings in Magic Software Enterprises by 3.9% in the 1st quarter. Menora Mivtachim Holdings LTD. now owns 126,678 shares of the software maker’s stock worth $1,059,000 after acquiring an additional 4,727 shares during the period. Hedge funds and other institutional investors own 15.63% of the company’s stock.

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.

Recommended Story: How to calculate the annual rate of depreciation

Earnings History for Magic Software Enterprises (NASDAQ:MGIC)

Receive News & Ratings for Magic Software Enterprises Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magic Software Enterprises and related companies with MarketBeat.com's FREE daily email newsletter.