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 equities analysts have also recently commented on the stock. BidaskClub cut shares of Zynerba Pharmaceuticals from a buy rating to a hold rating in a research report on Wednesday, June 26th. ValuEngine cut shares of Zumiez from a hold rating to a sell rating in a research 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 research report on Thursday, May 23rd.
Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings results on Thursday, May 16th. The software maker reported $0.14 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. Magic Software Enterprises had a net margin of 7.21% and a return on equity of 10.83%. The company had revenue of $71.80 million during the quarter, compared to analysts’ expectations of $75.30 million. On average, sell-side analysts predict that Magic Software Enterprises will post 0.59 earnings per share for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in the company. Seizert Capital Partners LLC purchased a new stake in Magic Software Enterprises in the first quarter valued at $228,000. Van ECK Associates Corp lifted its position in Magic Software Enterprises by 20.2% in the fourth quarter. Van ECK Associates Corp now owns 9,359 shares of the software maker’s stock valued at $71,000 after acquiring an additional 1,571 shares during the last quarter. Dimensional Fund Advisors LP lifted its position 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 valued at $279,000 after acquiring an additional 2,700 shares during the last quarter. Naples Global Advisors LLC lifted its position in Magic Software Enterprises by 6.0% in the first quarter. Naples Global Advisors LLC now owns 134,649 shares of the software maker’s stock valued at $1,126,000 after acquiring an additional 7,600 shares during the last quarter. Finally, Delek Group Ltd. lifted its position in 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 acquiring an additional 73,978 shares during the last quarter. 15.47% of the stock is owned by institutional investors and hedge funds.
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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