Magic Software Enterprises (NASDAQ:MGIC) Issues Quarterly Earnings Results

Magic Software Enterprises (NASDAQ:MGIC) issued its earnings results on Tuesday. The software maker reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.04), Zacks reports. Magic Software Enterprises had a net margin of 6.58% and a return on equity of 15.85%. Magic Software Enterprises updated its FY 2025 guidance to EPS.

Magic Software Enterprises Stock Up 0.5%

Shares of MGIC opened at $24.12 on Tuesday. The firm has a market cap of $1.18 billion, a PE ratio of 30.92 and a beta of 0.90. The company’s fifty day moving average is $20.77 and its two-hundred day moving average is $19.25. Magic Software Enterprises has a fifty-two week low of $10.70 and a fifty-two week high of $24.94. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.14.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGIC. Raymond James Financial Inc. purchased a new stake in Magic Software Enterprises during the second quarter valued at about $33,000. State of Tennessee Department of Treasury purchased a new stake in shares of Magic Software Enterprises during the 2nd quarter worth about $46,000. BNP Paribas Financial Markets acquired a new stake in Magic Software Enterprises during the 3rd quarter worth approximately $62,000. Russell Investments Group Ltd. raised its holdings in Magic Software Enterprises by 2,112.4% in the third quarter. Russell Investments Group Ltd. now owns 5,177 shares of the software maker’s stock valued at $106,000 after buying an additional 4,943 shares during the period. Finally, Ameriprise Financial Inc. acquired a new position in Magic Software Enterprises during the second quarter valued at approximately $260,000. Institutional investors and hedge funds own 24.70% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MGIC shares. Weiss Ratings began coverage on Magic Software Enterprises in a report on Monday, November 10th. They issued a “hold (c)” rating on the stock. Zacks Research cut Magic Software Enterprises from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Barclays boosted their price objective on shares of Magic Software Enterprises from $16.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 13th. Finally, Wall Street Zen downgraded shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a report on Saturday, August 16th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Magic Software Enterprises has a consensus rating of “Hold” and a consensus price target of $18.00.

About Magic Software Enterprises

Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud-based services in Israel and internationally. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.