Equities analysts forecast that Magic Software Enterprises Ltd (NASDAQ:MGIC) will report $63.75 million in sales for the current quarter, according to Zacks. Two analysts have provided estimates for Magic Software Enterprises’ earnings, with estimates ranging from $62.50 million to $65.00 million. Magic Software Enterprises posted sales of $55.14 million during the same quarter last year, which suggests a positive year over year growth rate of 15.6%. The firm is expected to announce its next quarterly earnings results before the market opens on Wednesday, February 28th.

On average, analysts expect that Magic Software Enterprises will report full year sales of $63.75 million for the current year, with estimates ranging from $254.40 million to $256.90 million. For the next financial year, analysts forecast that the firm will post sales of $282.65 million per share, with estimates ranging from $282.30 million to $283.00 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Magic Software Enterprises.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Tuesday, November 14th. The software maker reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.03). Magic Software Enterprises had a net margin of 4.77% and a return on equity of 10.37%. The firm had revenue of $65.70 million during the quarter, compared to analysts’ expectations of $62.65 million. During the same period in the previous year, the business earned $0.12 earnings per share. The business’s revenue for the quarter was up 20.6% on a year-over-year basis.

A number of brokerages have commented on MGIC. Zacks Investment Research cut Magic Software Enterprises from a “hold” rating to a “sell” rating in a report on Wednesday. BidaskClub cut Magic Software Enterprises from a “sell” rating to a “strong sell” rating in a report on Tuesday, January 23rd. HC Wainwright set a $10.00 target price on Magic Software Enterprises and gave the company a “buy” rating in a report on Monday, November 20th. Finally, Barclays reiterated a “buy” rating and set a $10.50 target price on shares of Magic Software Enterprises in a report on Thursday, November 16th. Two research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. Magic Software Enterprises currently has an average rating of “Hold” and an average price target of $9.81.

A number of large investors have recently made changes to their positions in MGIC. Dimensional Fund Advisors LP grew its holdings in Magic Software Enterprises by 11.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 19,858 shares of the software maker’s stock valued at $158,000 after buying an additional 2,000 shares during the last quarter. Macquarie Group Ltd. acquired a new stake in Magic Software Enterprises during the 3rd quarter valued at $518,000. Bank of New York Mellon Corp acquired a new stake in Magic Software Enterprises during the 2nd quarter valued at $544,000. Naples Global Advisors LLC acquired a new stake in Magic Software Enterprises during the 4th quarter valued at $560,000. Finally, Clal Insurance Enterprises Holdings Ltd grew its holdings in Magic Software Enterprises by 0.9% during the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,196,982 shares of the software maker’s stock valued at $10,414,000 after buying an additional 10,962 shares during the last quarter. Hedge funds and other institutional investors own 9.47% of the company’s stock.

Shares of Magic Software Enterprises (NASDAQ:MGIC) traded down $0.15 during trading hours on Tuesday, reaching $8.90. The company’s stock had a trading volume of 25,324 shares, compared to its average volume of 26,370. The firm has a market cap of $396.33, a PE ratio of 34.23 and a beta of 0.76. The company has a current ratio of 3.45, a quick ratio of 3.45 and a debt-to-equity ratio of 0.16. Magic Software Enterprises has a 52-week low of $7.00 and a 52-week high of $9.50.

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Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. is a provider of application development, business process integration platforms, vertical software solutions and related professional services. The Company is a vendor of information technology (IT) outsourcing services. Its software technology is used by customers to develop, deploy and integrate on premise, mobile and cloud-based business.

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