Magic Software Enterprises Ltd. (NASDAQ:MGIC) – Research analysts at William Blair increased their FY2018 EPS estimates for Magic Software Enterprises in a report released on Wednesday. William Blair analyst B. Suri now expects that the software maker will post earnings of $0.63 per share for the year, up from their previous estimate of $0.60.

MGIC has been the subject of several other reports. Rodman & Renshaw reiterated a “buy” rating and set a $10.00 target price (up from $9.00) on shares of Magic Software Enterprises in a research report on Wednesday, May 17th. Zacks Investment Research downgraded Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Tuesday, May 9th. BidaskClub downgraded Magic Software Enterprises from a “sell” rating to a “strong sell” rating in a research report on Friday, August 4th. Barclays PLC reiterated an “overweight” rating and set a $10.00 target price (up from $9.50) on shares of Magic Software Enterprises in a research report on Wednesday, May 17th. Finally, HC Wainwright set a $10.00 target price on Magic Software Enterprises and gave the stock a “buy” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $9.63.

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Shares of Magic Software Enterprises (MGIC) traded down 0.63% on Friday, reaching $7.95. 14,872 shares of the company’s stock traded hands. The stock has a 50-day moving average of $8.01 and a 200 day moving average of $7.82. Magic Software Enterprises has a 12-month low of $6.51 and a 12-month high of $8.70. The firm has a market cap of $350.85 million, a P/E ratio of 29.44 and a beta of 0.64.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Wednesday, August 9th. The software maker reported $0.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.01. Magic Software Enterprises had a net margin of 5.08% and a return on equity of 10.59%. The business had revenue of $65.50 million during the quarter, compared to analyst estimates of $52.65 million. During the same period in the prior year, the business earned $0.12 EPS. The company’s revenue for the quarter was up 38.2% on a year-over-year basis.

Several hedge funds have recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. increased its stake in 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 valued at $569,000 after buying an additional 2,500 shares during the period. Clal Insurance Enterprises Holdings Ltd purchased a new stake in Magic Software Enterprises during the first quarter valued at $613,000. Brandes Investment Partners LP increased its stake in 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 valued at $142,000 after buying an additional 7,221 shares during the last quarter. Eagle Global Advisors LLC increased its stake in Magic Software Enterprises by 12.7% in the second quarter. Eagle Global Advisors LLC now owns 79,783 shares of the software maker’s stock valued at $634,000 after buying an additional 9,000 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. increased its stake in Magic Software Enterprises by 0.5% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,067,991 shares of the software maker’s stock valued at $8,491,000 after buying an additional 5,250 shares during the last quarter. Institutional investors and hedge funds 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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