Magic Software Enterprises (NASDAQ:MGIC) Releases Earnings Results, Hits Estimates
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.
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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