Magic Software Enterprises Ltd (NASDAQ:MGIC) Expected to Post Quarterly Sales of $80.05 Million

Equities research analysts expect Magic Software Enterprises Ltd (NASDAQ:MGIC) to post $80.05 million in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Magic Software Enterprises’ earnings, with estimates ranging from $80.00 million to $80.10 million. Magic Software Enterprises posted sales of $72.14 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 11%. The firm is expected to announce its next quarterly earnings report on Tuesday, November 12th.

According to Zacks, analysts expect that Magic Software Enterprises will report full-year sales of $309.90 million for the current financial year. For the next financial year, analysts forecast that the firm will post sales of $328.30 million, with estimates ranging from $318.00 million to $338.60 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Magic Software Enterprises.

Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings data on Tuesday, August 13th. The software maker reported $0.14 earnings per share (EPS) for the quarter, meeting 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 firm had revenue of $77.06 million for the quarter, compared to analysts’ expectations of $76.55 million.



Several analysts have issued reports on MGIC shares. HC Wainwright restated a “buy” rating and set a $10.00 price objective on shares of Magic Software Enterprises in a research note on Thursday, May 23rd. Zacks Investment Research upgraded Magic Software Enterprises from a “sell” rating to a “hold” rating in a research note on Tuesday, July 16th. ValuEngine cut Magic Software Enterprises from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th. Finally, BidaskClub upgraded Magic Software Enterprises from a “sell” rating to a “hold” rating in a research note on Wednesday, June 26th.

A number of hedge funds and other institutional investors have recently made changes to their positions in MGIC. Dimensional Fund Advisors LP boosted its holdings in shares of Magic Software Enterprises by 8.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 36,557 shares of the software maker’s stock worth $279,000 after acquiring an additional 2,700 shares in the last quarter. Naples Global Advisors LLC boosted its stake in shares of Magic Software Enterprises by 6.0% during the 1st quarter. Naples Global Advisors LLC now owns 134,649 shares of the software maker’s stock worth $1,126,000 after buying an additional 7,600 shares during the last quarter. Seizert Capital Partners LLC acquired a new position in shares of Magic Software Enterprises during the 1st quarter worth about $228,000. GHP Investment Advisors Inc. boosted its stake in shares of Magic Software Enterprises by 30.6% during the 1st quarter. GHP Investment Advisors Inc. now owns 43,081 shares of the software maker’s stock worth $360,000 after buying an additional 10,101 shares during the last quarter. Finally, Delek Group Ltd. boosted its stake in shares of Magic Software Enterprises by 15.4% during the 1st quarter. Delek Group Ltd. now owns 555,755 shares of the software maker’s stock worth $4,623,000 after buying an additional 73,978 shares during the last quarter. Hedge funds and other institutional investors own 15.63% of the company’s stock.

NASDAQ MGIC traded up $0.49 on Friday, hitting $9.10. 39,932 shares of the stock traded hands, compared to its average volume of 24,046. The company has a 50-day moving average price of $8.94. Magic Software Enterprises has a twelve month low of $7.29 and a twelve month high of $10.20. The stock has a market capitalization of $439.04 million, a P/E ratio of 16.36 and a beta of 0.95. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.50 and a quick ratio of 3.50.

The company also recently disclosed a Semi-Annual dividend, which will be paid on Thursday, September 12th. Shareholders of record on Tuesday, August 27th will be paid a dividend of $0.156 per share. The ex-dividend date is Monday, August 26th. This is a boost from Magic Software Enterprises’s previous Semi-Annual dividend of $0.09. Magic Software Enterprises’s dividend payout ratio is presently 54.55%.

About Magic Software Enterprises

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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