Magic Software Enterprises (MGIC) Posts Earnings Results, Beats Expectations By $0.01 EPS

Magic Software Enterprises (NASDAQ:MGIC) announced its quarterly earnings data on Wednesday. The software maker reported $0.14 EPS for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.01, Morningstar.com reports. Magic Software Enterprises had a net margin of 5.99% and a return on equity of 10.35%.

Shares of Magic Software Enterprises opened at $8.85 on Thursday, according to Marketbeat.com. The firm has a market cap of $355.91 million, a P/E ratio of 16.33 and a beta of 0.75. Magic Software Enterprises has a 1-year low of $8.25 and a 1-year high of $8.50. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.07 and a current ratio of 3.07.

A number of analysts have recently commented on MGIC shares. HC Wainwright set a $10.00 price objective on shares of Magic Software Enterprises and gave the stock a “buy” rating in a research report on Thursday, March 1st. BidaskClub raised shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a research report on Friday, April 27th. Zacks Investment Research raised shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a research report on Wednesday, January 17th. Finally, ValuEngine lowered shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Monday, May 7th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $9.81.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Clal Insurance Enterprises Holdings Ltd increased its holdings in Magic Software Enterprises by 9.9% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,315,872 shares of the software maker’s stock worth $11,024,000 after buying an additional 118,890 shares during the last quarter. Delek Group Ltd. acquired a new position in Magic Software Enterprises during the fourth quarter worth $6,150,000. Meitav Dash Investments Ltd. acquired a new position in Magic Software Enterprises during the fourth quarter worth $5,201,000. Renaissance Technologies LLC increased its holdings in Magic Software Enterprises by 9.3% during the fourth quarter. Renaissance Technologies LLC now owns 428,651 shares of the software maker’s stock worth $3,591,000 after buying an additional 36,599 shares during the last quarter. Finally, Unterberg Capital LLC increased its holdings in Magic Software Enterprises by 354.5% during the first quarter. Unterberg Capital LLC now owns 170,876 shares of the software maker’s stock worth $1,452,000 after buying an additional 133,276 shares during the last quarter. Institutional investors and hedge funds own 12.82% of the company’s stock.

About Magic Software Enterprises

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, and vertical software solutions and related professional services in Israel and internationally. The company's Software Solutions segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.

Earnings History for Magic Software Enterprises (NASDAQ:MGIC)

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