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) “
Several other analysts also recently weighed in on the company. BidaskClub downgraded Zynerba Pharmaceuticals from a buy rating to a hold rating in a research note on Wednesday, June 26th. HC Wainwright set a $7.00 target price on Armata Pharmaceuticals and gave the company a buy rating in a research note on Thursday, May 23rd. Finally, ValuEngine cut shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd.
Shares of Magic Software Enterprises stock remained flat at $$8.86 during trading hours on Tuesday. The stock had a trading volume of 15,328 shares, compared to its average volume of 18,750. The firm has a fifty day moving average price of $8.73. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 0.08. The firm has a market cap of $433.17 million, a PE ratio of 16.11 and a beta of 0.97. Magic Software Enterprises has a 12 month low of $7.29 and a 12 month high of $10.20.
Magic Software Enterprises (NASDAQ:MGIC) last announced its earnings results on Thursday, May 16th. The software maker reported $0.14 earnings per share for the quarter, meeting the consensus estimate of $0.14. The company had revenue of $71.80 million during the quarter, compared to the consensus estimate of $75.30 million. Magic Software Enterprises had a return on equity of 10.83% and a net margin of 7.21%. As a group, research analysts predict that Magic Software Enterprises will post 0.59 EPS for the current fiscal year.
Several hedge funds have recently modified their holdings of MGIC. Van ECK Associates Corp lifted its position 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 last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Magic Software Enterprises by 22.8% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,024 shares of the software maker’s stock worth $153,000 after purchasing an additional 3,715 shares during the last quarter. Seizert Capital Partners LLC bought a new position in shares of Magic Software Enterprises during the first quarter worth about $228,000. Advisors Asset Management Inc. lifted its position in shares of Magic Software Enterprises by 81.2% during the first quarter. Advisors Asset Management Inc. now owns 29,392 shares of the software maker’s stock worth $246,000 after purchasing an additional 13,173 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Magic Software Enterprises by 8.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 36,557 shares of the software maker’s stock worth $279,000 after purchasing an additional 2,700 shares during the last quarter. 15.47% of the stock is currently owned by institutional investors and hedge funds.
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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