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) “
Other analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Zynerba Pharmaceuticals from a buy rating to a hold rating in a report on Wednesday, June 26th. ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. Finally, HC Wainwright set a $7.00 price objective on shares of Armata Pharmaceuticals and gave the stock a buy rating in a report on Thursday, May 23rd.
Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Thursday, May 16th. The software maker reported $0.14 EPS for the quarter, hitting analysts’ consensus estimates of $0.14. The firm had revenue of $71.80 million for the quarter, compared to the consensus estimate of $75.30 million. Magic Software Enterprises had a net margin of 7.21% and a return on equity of 10.83%. As a group, analysts predict that Magic Software Enterprises will post 0.59 earnings per share for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in MGIC. Delek Group Ltd. lifted its holdings in shares of Magic Software Enterprises by 15.4% in the first quarter. Delek Group Ltd. now owns 555,755 shares of the software maker’s stock valued at $4,623,000 after purchasing an additional 73,978 shares in the last quarter. Sphera Funds Management LTD. purchased a new stake in shares of Magic Software Enterprises in the first quarter valued at about $324,000. Seizert Capital Partners LLC purchased a new stake in shares of Magic Software Enterprises in the first quarter valued at about $228,000. Advisors Asset Management Inc. lifted its holdings in shares of Magic Software Enterprises by 81.2% in the first quarter. Advisors Asset Management Inc. now owns 29,392 shares of the software maker’s stock valued at $246,000 after purchasing an additional 13,173 shares in the last quarter. Finally, GHP Investment Advisors Inc. lifted its holdings in shares of Magic Software Enterprises by 30.6% in the first quarter. GHP Investment Advisors Inc. now owns 43,081 shares of the software maker’s stock valued at $360,000 after purchasing an additional 10,101 shares in the last quarter. 15.47% of the stock is currently owned by institutional investors.
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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