Q4 2017 EPS Estimates for Magic Software Enterprises Ltd. Decreased by Analyst (NASDAQ:MGIC)

Magic Software Enterprises Ltd. (NASDAQ:MGIC) – Investment analysts at William Blair decreased their Q4 2017 earnings estimates for Magic Software Enterprises in a research note issued to investors on Wednesday. William Blair analyst B. Suri now expects that the software maker will post earnings per share of $0.13 for the quarter, down from their prior estimate of $0.14.

A number of other analysts also recently commented on the company. Zacks Investment Research upgraded Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $9.00 target price on the stock in a research note on Saturday. HC Wainwright set a $10.00 target price on Magic Software Enterprises and gave the stock a “buy” rating in a research note on Thursday. BidaskClub downgraded Magic Software Enterprises from a “sell” rating to a “strong sell” rating in a research note on Friday, August 4th. Barclays PLC restated an “overweight” rating and issued a $10.00 target price (up previously from $9.50) on shares of Magic Software Enterprises in a research note on Wednesday, May 17th. Finally, Rodman & Renshaw reiterated a “buy” rating and set a $10.00 price target (up previously from $9.00) on shares of Magic Software Enterprises in a research report on Wednesday, May 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $9.75.

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Magic Software Enterprises (MGIC) opened at 7.95 on Thursday. The stock has a market capitalization of $350.85 million, a PE ratio of 28.29 and a beta of 0.64. The stock’s 50 day moving average price is $8.01 and its 200-day moving average price is $7.83. Magic Software Enterprises has a 52-week low of $6.51 and a 52-week high of $8.70.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings data on Wednesday, August 9th. The software maker reported $0.13 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.01. Magic Software Enterprises had a return on equity of 10.49% and a net margin of 5.08%. The firm had revenue of $65.50 million for the quarter, compared to analysts’ expectations of $52.65 million. During the same period in the previous year, the firm earned $0.12 EPS. The business’s quarterly revenue was up 38.2% on a year-over-year basis.

Institutional investors have recently modified their holdings of the company. Denver Investment Advisors LLC increased its position in shares of Magic Software Enterprises by 0.6% in the first quarter. Denver Investment Advisors LLC now owns 1,394,025 shares of the software maker’s stock worth $10,873,000 after buying an additional 8,354 shares in the last quarter. Eagle Global Advisors LLC increased its position in shares of Magic Software Enterprises by 11.0% in the first quarter. Eagle Global Advisors LLC now owns 70,783 shares of the software maker’s stock worth $552,000 after buying an additional 7,000 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd acquired a new position in shares of Magic Software Enterprises during the first quarter worth about $613,000. Brandes Investment Partners LP increased its position in shares of Magic Software Enterprises by 65.7% in the first quarter. Brandes Investment Partners LP now owns 18,210 shares of the software maker’s stock worth $142,000 after buying an additional 7,221 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. increased its position in shares of Magic Software Enterprises by 3.5% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 73,000 shares of the software maker’s stock worth $569,000 after buying an additional 2,500 shares in the last quarter. Institutional investors own 10.24% of the company’s stock.

About Magic Software Enterprises

Magic Software Enterprises Ltd. is a provider of application development, business process integration platforms, vertical software solutions and related professional services. The Company is a vendor of information technology (IT) outsourcing services. Its software technology is used by customers to develop, deploy and integrate on premise, mobile and cloud-based business.

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