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) “
A number of other research analysts also recently weighed in on MGIC. ValuEngine downgraded Magic Software Enterprises from a buy rating to a hold rating in a report on Thursday, July 11th. BidaskClub downgraded Magic Software Enterprises from a hold rating to a sell rating in a report on Tuesday, September 24th.
Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Tuesday, August 13th. The software maker reported $0.14 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.14. Magic Software Enterprises had a return on equity of 10.43% and a net margin of 6.74%. The company had revenue of $77.06 million for the quarter, compared to the consensus estimate of $76.55 million. Equities analysts predict that Magic Software Enterprises will post 0.59 earnings per share for the current year.
A number of hedge funds have recently bought and sold shares of the business. Optimum Investment Advisors bought a new position in shares of Magic Software Enterprises in the second quarter worth about $27,000. BlackRock Inc. raised its stake in shares of Magic Software Enterprises by 286.9% in the second quarter. BlackRock Inc. now owns 6,310 shares of the software maker’s stock worth $57,000 after buying an additional 4,679 shares during the period. Morgan Stanley raised its stake in shares of Magic Software Enterprises by 21.1% in the second quarter. Morgan Stanley now owns 8,425 shares of the software maker’s stock worth $76,000 after buying an additional 1,466 shares during the period. Opus Capital Group LLC bought a new position in shares of Magic Software Enterprises in the second quarter worth about $193,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Magic Software Enterprises by 11.6% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 23,574 shares of the software maker’s stock worth $211,000 after buying an additional 2,450 shares during the period. 16.07% of the stock is currently owned by institutional investors.
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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