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) “
MGIC has been the subject of several other reports. BidaskClub upgraded shares of Magic Software Enterprises from a hold rating to a buy rating in a research report on Friday, March 1st. HC Wainwright set a $10.00 target price on shares of Magic Software Enterprises and gave the stock a buy rating in a report on Tuesday, March 5th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $9.75.
Magic Software Enterprises (NASDAQ:MGIC) last issued its earnings results on Monday, March 4th. The software maker reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). Magic Software Enterprises had a net margin of 6.99% and a return on equity of 11.06%. The business had revenue of $72.29 million for the quarter, compared to the consensus estimate of $73.75 million. As a group, equities research analysts forecast that Magic Software Enterprises will post 0.6 earnings per share for the current fiscal year.
Institutional investors have recently bought and sold shares of the company. Van ECK Associates Corp boosted its holdings in shares of Magic Software Enterprises by 20.2% during the fourth quarter. Van ECK Associates Corp now owns 9,359 shares of the software maker’s stock worth $71,000 after purchasing an additional 1,571 shares during the period. Advisors Asset Management Inc. bought a new position in Magic Software Enterprises in the fourth quarter worth about $124,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in Magic Software Enterprises by 22.8% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,024 shares of the software maker’s stock worth $153,000 after buying an additional 3,715 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Magic Software Enterprises by 8.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 36,557 shares of the software maker’s stock worth $279,000 after buying an additional 2,700 shares in the last quarter. Finally, ETF Managers Group LLC raised its stake in Magic Software Enterprises by 18.2% in the fourth quarter. ETF Managers Group LLC now owns 38,333 shares of the software maker’s stock worth $295,000 after buying an additional 5,890 shares in the last quarter. Institutional investors own 15.62% of the company’s stock.
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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