Brokerages Anticipate Magic Software Enterprises Ltd. (NASDAQ:MGIC) Will Post Quarterly Sales of $120.25 Million

Equities research analysts expect Magic Software Enterprises Ltd. (NASDAQ:MGIC) to post sales of $120.25 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Magic Software Enterprises’ earnings, with estimates ranging from $115.00 million to $125.50 million. Magic Software Enterprises reported sales of $104.57 million during the same quarter last year, which indicates a positive year over year growth rate of 15%. The firm is scheduled to issue its next quarterly earnings report on Monday, March 14th.

On average, analysts expect that Magic Software Enterprises will report full year sales of $472.80 million for the current year. For the next financial year, analysts expect that the firm will report sales of $509.70 million, with estimates ranging from $485.00 million to $534.40 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Magic Software Enterprises.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings data on Monday, November 15th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.03. Magic Software Enterprises had a return on equity of 16.26% and a net margin of 6.20%. During the same period in the prior year, the business earned $0.19 earnings per share.

Separately, Zacks Investment Research upgraded Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a report on Thursday, November 18th.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its holdings in Magic Software Enterprises by 0.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 67,984 shares of the software maker’s stock worth $1,360,000 after buying an additional 593 shares in the last quarter. Lazard Asset Management LLC boosted its position in Magic Software Enterprises by 16.0% in the second quarter. Lazard Asset Management LLC now owns 4,510 shares of the software maker’s stock worth $73,000 after purchasing an additional 623 shares during the last quarter. Wells Fargo & Company MN boosted its position in Magic Software Enterprises by 203.5% in the second quarter. Wells Fargo & Company MN now owns 2,091 shares of the software maker’s stock worth $33,000 after purchasing an additional 1,402 shares during the last quarter. Morgan Stanley lifted its position in shares of Magic Software Enterprises by 33.0% during the 1st quarter. Morgan Stanley now owns 5,855 shares of the software maker’s stock valued at $89,000 after buying an additional 1,452 shares in the last quarter. Finally, Citigroup Inc. purchased a new position in shares of Magic Software Enterprises during the 2nd quarter valued at about $32,000. Institutional investors own 18.33% of the company’s stock.

Shares of NASDAQ:MGIC traded down $0.28 on Thursday, hitting $22.70. 105,108 shares of the company traded hands, compared to its average volume of 41,330. Magic Software Enterprises has a 52 week low of $14.26 and a 52 week high of $25.49. The company has a quick ratio of 2.43, a current ratio of 2.43 and a debt-to-equity ratio of 0.10. The stock has a 50 day simple moving average of $21.76 and a 200-day simple moving average of $18.96. The company has a market cap of $1.11 billion, a PE ratio of 39.83 and a beta of 1.38.

About Magic Software Enterprises

Magic Software Enterprises Ltd. engages in the provision of proprietary application development and business process integration platforms, vertical software solutions, and vendor of information technology (IT) outsourcing software services. It operates through Software Services and IT Professional Services segments.

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Earnings History and Estimates for Magic Software Enterprises (NASDAQ:MGIC)

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