Equities research analysts expect Magic Software Enterprises Ltd (NASDAQ: MGIC) to announce sales of $ 73.35 million for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Magic Software Enterprises' earnings. The highest sales estimate is $ 73.70 million and the lowest is $ 73.00 million. Magic Software Enterprises posted sales of $ 65.66 million in the same quarter last year, which suggests a positive year-over-year growth rate of 11.7%. The firm is scheduled to announce its next earnings results on Tuesday, November 13th.
According to Zacks, analysts expect that Magic Software Enterprises will report full year sales of $ 287.85 million for the current fiscal year, with estimates ranging from $ 287.80 million to $ 287.90 million. For the next financial year, analysts forecast that the firm will post sales of $ 308.25 million, with estimates ranging from $ 300.00 million to $ 316.50 million. Zacks Investment Research's sales calculations are a mean average based survey of sell-side research firms that provide coverage for Magic Software Enterprises.
Magic Software Enterprises (NASDAQ: MGIC) last issued its quarterly earnings results on Wednesday, August 8th. The software maker reported $ 0.16 earnings per share for analysts' consensus estimate of $ 0.15 by $ 0.01. Magic Software Enterprises had a net margin of 6.59% and a return on equity of 10.92%. The business had revenues of $ 70.22 million for the quarter, compared to $ 72.45 million.
A number of brokers have recently issued reports on MGIC. HC Wainwright set a $ 10.00 price target on shares of Magic Software Enterprises and gift the stock a "buy" rating on Thursday, August 9th. BidaskClub upgraded shares of Magic Software Enterprises from a "strong sell" rating to a "sell" rating on Thursday, August 23rd. Bank of America lowered shares of Magic Software Enterprises from a "neutral" rating to an underperform rating on Wednesday, June 13th. Finally, Zacks Investment Research upgraded shares of Magic Software Enterprises from a "hold" rating to a "buy" rating and set a $ 9.50 14th. Two research analysts have a stock rating. The stock currently has an average rating of "Hold" and a consensus target price of $ 10.00.
Institutional investors and hedge funds have recently changed their holdings of the business. Delek Group Ltd. grew its position in Magic Software Enterprises by 105.1% during the second quarter. Delek Group Ltd. now owns 366,684 shares of the software maker's stock worth $ 3,043,000 after buying an additional 187,943 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its position in Magic Software Enterprises by 6.7% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,281,421 shares of the software maker's stock worth $ 10,636,000 after buying an additional 80,117 shares during the period. Naples Global Advisors LLC gained its position in Magic Software Enterprises at 21.9% during the second quarter. Naples Global Advisors LLC now owns 99,991 shares of the software maker's stock $ 830,000 after buying an additional 17,934 shares during the period. Segall Bryant & Hamill LLC acquired a new position in Magic Software Enterprises during the second quarter worth about $ 2,288,000. Finally, Jane Street Group LLC acquired a new position in Magic Software Enterprises during the second quarter worth about $ 259,000. Institutional investors own 10.18% of the company's stock.
Shares of Magic Software Enterprises stock traded up $ 0.13 on Friday, reaching $ 8.63. 8,523 shares of the stock were exchanged, compared to its average volume of 38,419. Magic Software Enterprises has a 1-year low of $ 7.75 and a 1-year high of $ 9.50. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. The firm has a market cap of $ 414.44 million, a price-to-earnings ratio of 18.76 and a beta of 0.76.
The business also recently announced a Semi-Annual dividend, which was paid on Wednesday, September 5th. Shareholders or record on Wednesday, August 22nd were given a dividend of $ 0.155 per share. This is a positive change from Magic Software Enterprises's previous Semi-Annual dividend of $ 0.09. The ex-dividend date of this dividend was Tuesday, August 21st. Magic Software Enterprises's dividend payout ratio is presently 67.39%.
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.
Recommended Story: How to interpret a stock's beta number
Get a free copy of Zack's research report on Magic Software Enterprises (MGIC)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Magic Software Enterprises Daily – Enter your email address as per the latest news and analysts' ratings for Magic Software Enterprises and related companies with MarketBeat.com's FREE daily email newsletter.