Magic Software Enterprises Ltd (NASDAQ:MGIC) Expected to Announce Quarterly Sales of $88.50 Million

Brokerages predict that Magic Software Enterprises Ltd (NASDAQ:MGIC) will post $88.50 million in sales for the current quarter, according to Zacks. Two analysts have provided estimates for Magic Software Enterprises’ earnings. The lowest sales estimate is $88.00 million and the highest is $89.00 million. Magic Software Enterprises reported sales of $85.84 million during the same quarter last year, which would suggest a positive year over year growth rate of 3.1%. The business is expected to issue its next earnings report on Thursday, November 12th.

On average, analysts expect that Magic Software Enterprises will report full year sales of $353.35 million for the current year, with estimates ranging from $351.70 million to $355.00 million. For the next fiscal year, analysts anticipate that the company will post sales of $382.55 million, with estimates ranging from $373.00 million to $392.10 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Magic Software Enterprises.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Thursday, August 13th. The software maker reported $0.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.02. The firm had revenue of $86.52 million during the quarter, compared to analysts’ expectations of $85.50 million. Magic Software Enterprises had a net margin of 4.37% and a return on equity of 12.25%.

MGIC has been the topic of several research reports. Zacks Investment Research upgraded shares of Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Friday, October 2nd. ValuEngine upgraded shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Monday, August 3rd. BidaskClub lowered shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, HC Wainwright raised shares of Magic Software Enterprises from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $8.50 to $17.00 in a research report on Monday, August 17th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $16.00.

A number of hedge funds have recently made changes to their positions in MGIC. Harel Insurance Investments & Financial Services Ltd. raised its holdings in Magic Software Enterprises by 0.5% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,512,459 shares of the software maker’s stock worth $28,391,000 after purchasing an additional 12,656 shares in the last quarter. Phoenix Holdings Ltd. grew its stake in shares of Magic Software Enterprises by 19.0% in the first quarter. Phoenix Holdings Ltd. now owns 490,337 shares of the software maker’s stock worth $3,847,000 after acquiring an additional 78,119 shares during the last quarter. Naples Global Advisors LLC grew its stake in shares of Magic Software Enterprises by 5.9% in the second quarter. Naples Global Advisors LLC now owns 162,749 shares of the software maker’s stock worth $1,839,000 after acquiring an additional 9,075 shares during the last quarter. AXA grew its stake in shares of Magic Software Enterprises by 153.9% in the first quarter. AXA now owns 123,830 shares of the software maker’s stock worth $996,000 after acquiring an additional 75,053 shares during the last quarter. Finally, State Street Corp purchased a new stake in shares of Magic Software Enterprises in the first quarter worth $223,000. Hedge funds and other institutional investors own 16.28% of the company’s stock.

Shares of MGIC stock traded up $0.09 during trading on Friday, reaching $13.74. The company’s stock had a trading volume of 300 shares, compared to its average volume of 51,559. The company has a quick ratio of 2.89, a current ratio of 2.89 and a debt-to-equity ratio of 0.07. The business has a fifty day moving average price of $13.62 and a 200-day moving average price of $11.67. Magic Software Enterprises has a one year low of $6.31 and a one year high of $16.87. The company has a market cap of $668.02 million, a price-to-earnings ratio of 44.03 and a beta of 1.07.

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

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