Equities research analysts expect that Magic Software Enterprises (NASDAQ:MGIC) will report $72.45 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Magic Software Enterprises’ earnings. The lowest sales estimate is $72.00 million and the highest is $72.90 million. Magic Software Enterprises posted sales of $65.48 million during the same quarter last year, which suggests a positive year over year growth rate of 10.6%. The company is expected to announce its next earnings report on Wednesday, August 8th.
According to Zacks, analysts expect that Magic Software Enterprises will report full year sales of $287.80 million for the current fiscal year. For the next year, analysts forecast that the company will post sales of $306.30 million per share, with estimates ranging from $296.00 million to $316.60 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Magic Software Enterprises.
Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings results on Wednesday, May 16th. The software maker reported $0.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.01. Magic Software Enterprises had a return on equity of 10.35% and a net margin of 5.99%. The business had revenue of $69.73 million for the quarter, compared to the consensus estimate of $66.55 million.
A number of hedge funds have recently made changes to their positions in MGIC. Delek Group Ltd. purchased a new position in Magic Software Enterprises during the 4th quarter worth $6,150,000. Meitav Dash Investments Ltd. purchased a new position in Magic Software Enterprises during the 4th quarter worth $5,201,000. Unterberg Capital LLC grew its stake in Magic Software Enterprises by 354.5% during the 1st quarter. Unterberg Capital LLC now owns 170,876 shares of the software maker’s stock worth $1,452,000 after buying an additional 133,276 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd grew its stake in Magic Software Enterprises by 9.9% during the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,315,872 shares of the software maker’s stock worth $11,024,000 after buying an additional 118,890 shares during the last quarter. Finally, Naples Global Advisors LLC purchased a new position in Magic Software Enterprises during the 4th quarter worth $560,000. Hedge funds and other institutional investors own 12.82% of the company’s stock.
Shares of Magic Software Enterprises traded down $0.15, reaching $8.70, on Friday, MarketBeat Ratings reports. The company had a trading volume of 7,706 shares, compared to its average volume of 23,635. Magic Software Enterprises has a 52-week low of $8.25 and a 52-week high of $8.50. The company has a market capitalization of $355.91 million, a PE ratio of 18.91 and a beta of 0.75. The company has a current ratio of 3.07, a quick ratio of 3.07 and a debt-to-equity ratio of 0.13.
About Magic Software Enterprises
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, and vertical software solutions and related professional services in Israel and internationally. The company's Software Solutions 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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