Magic Software Enterprises (NASDAQ:MGIC) issued its earnings results on Tuesday. The software maker reported $0.14 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14, Morningstar.com reports. Magic Software Enterprises had a return on equity of 10.83% and a net margin of 7.21%. Magic Software Enterprises updated its FY 2019 guidance to EPS.

NASDAQ MGIC opened at $8.95 on Wednesday. The stock has a market cap of $430.24 million, a PE ratio of 16.27 and a beta of 0.95. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 0.08. Magic Software Enterprises has a twelve month low of $7.29 and a twelve month high of $10.20. The business’s fifty day simple moving average is $8.95.

Several brokerages have issued reports on MGIC. HC Wainwright restated a “buy” rating and issued a $10.00 target price on shares of Magic Software Enterprises in a report on Thursday, May 23rd. ValuEngine cut Magic Software Enterprises from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. Zacks Investment Research upgraded Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Tuesday, July 16th. Finally, BidaskClub upgraded Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Wednesday, June 26th.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Optimum Investment Advisors purchased a new position in Magic Software Enterprises during the 2nd quarter valued at about $27,000. BlackRock Inc. boosted its holdings in Magic Software Enterprises by 286.9% during the 2nd quarter. BlackRock Inc. now owns 6,310 shares of the software maker’s stock valued at $57,000 after acquiring an additional 4,679 shares during the period. Opus Capital Group LLC purchased a new position in Magic Software Enterprises during the 2nd quarter valued at about $193,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Magic Software Enterprises by 11.6% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 23,574 shares of the software maker’s stock valued at $211,000 after acquiring an additional 2,450 shares during the period. Finally, Seizert Capital Partners LLC purchased a new position in Magic Software Enterprises during the 1st quarter valued at about $228,000. Institutional investors and hedge funds own 15.63% of the company’s stock.

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.

See Also: Price to Earnings Ratio (PE), For Valuing Stocks

Earnings History for Magic Software Enterprises (NASDAQ:MGIC)

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