According to Zacks, “Magic Software Enterprises, a member of the Formula Group, develops, markets and supports software development and deployment technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners. (PRESS RELEASE) “
MGIC has been the topic of several other reports. BidaskClub raised Magic Software Enterprises from a hold rating to a buy rating in a report on Tuesday, April 9th. HC Wainwright set a $10.00 target price on Magic Software Enterprises and gave the stock a buy rating in a report on Tuesday, March 5th. Finally, ValuEngine downgraded Magic Software Enterprises from a buy rating to a hold rating in a report on Tuesday, May 28th.
Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Thursday, May 16th. The software maker reported $0.14 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.14. Magic Software Enterprises had a return on equity of 10.83% and a net margin of 7.21%. The business had revenue of $71.80 million for the quarter, compared to the consensus estimate of $75.30 million. On average, research analysts predict that Magic Software Enterprises will post 0.59 EPS for the current year.
Several hedge funds have recently bought and sold shares of MGIC. Delek Group Ltd. raised its stake in shares of Magic Software Enterprises by 15.4% in the first quarter. Delek Group Ltd. now owns 555,755 shares of the software maker’s stock worth $4,623,000 after purchasing an additional 73,978 shares during the last quarter. Sphera Funds Management LTD. purchased a new position in shares of Magic Software Enterprises in the first quarter worth $324,000. Bank of New York Mellon Corp raised its stake in shares of Magic Software Enterprises by 47.3% in the third quarter. Bank of New York Mellon Corp now owns 88,192 shares of the software maker’s stock worth $750,000 after purchasing an additional 28,323 shares during the last quarter. Seizert Capital Partners LLC purchased a new position in shares of Magic Software Enterprises in the first quarter worth $228,000. Finally, Advisors Asset Management Inc. purchased a new position in shares of Magic Software Enterprises in the fourth quarter worth $124,000. Hedge funds and other institutional investors own 15.47% 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.
Featured Story: What is a Futures Contract?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.