Equities research analysts expect Magic Software Enterprises Ltd (NASDAQ:MGIC) to report $88.50 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Magic Software Enterprises' earnings. The lowest sales estimate is $88.00 million and the highest is $89.00 million. Magic Software Enterprises posted sales of $85.84 million during the same quarter last year, which would indicate a positive year over year growth rate of 3.1%. The business is expected to announce its next earnings results on Thursday, November 12th.
According to Zacks, analysts expect that Magic Software Enterprises will report full year sales of $353.35 million for the current year, with estimates ranging from $351.70 million to $355.00 million. For the next fiscal year, analysts expect that the firm will post sales of $382.55 million, with estimates ranging from $373.00 million to $392.10 million. Zacks' sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Magic Software Enterprises.
Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Thursday, August 13th. The software maker reported $0.17 EPS for the quarter, topping the Thomson Reuters' consensus estimate of $0.15 by $0.02. Magic Software Enterprises had a return on equity of 12.25% and a net margin of 4.37%. The business had revenue of $86.52 million for the quarter, compared to the consensus estimate of $85.50 million.
MGIC has been the topic of several analyst reports. BidaskClub raised Magic Software Enterprises from a "hold" rating to a "buy" rating in a report on Thursday, October 8th. ValuEngine raised Magic Software Enterprises from a "sell" rating to a "hold" rating in a report on Monday, August 3rd. HC Wainwright raised Magic Software Enterprises from a "neutral" rating to a "buy" rating and upped their price target for the company from $8.50 to $17.00 in a report on Monday, August 17th. Finally, Zacks Investment Research raised Magic Software Enterprises from a "hold" rating to a "buy" rating and set a $15.00 price target on the stock in a report on Friday, October 2nd. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company's stock. The stock currently has a consensus rating of "Buy" and an average target price of $16.00.
Magic Software Enterprises stock opened at $14.08 on Friday. The company has a current ratio of 2.89, a quick ratio of 2.89 and a debt-to-equity ratio of 0.07. The business's fifty day simple moving average is $13.73 and its two-hundred day simple moving average is $11.54. Magic Software Enterprises has a 12 month low of $6.31 and a 12 month high of $16.87. The company has a market capitalization of $689.06 million, a price-to-earnings ratio of 45.42 and a beta of 1.07.
Several large investors have recently made changes to their positions in the company. Samalin Investment Counsel LLC lifted its holdings in shares of Magic Software Enterprises by 10.7% during the second quarter. Samalin Investment Counsel LLC now owns 15,522 shares of the software maker's stock valued at $175,000 after purchasing an additional 1,500 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Magic Software Enterprises by 19.1% during the first quarter. JPMorgan Chase & Co. now owns 12,097 shares of the software maker's stock valued at $97,000 after purchasing an additional 1,943 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Magic Software Enterprises by 202.2% during the first quarter. Tower Research Capital LLC TRC now owns 4,013 shares of the software maker's stock valued at $32,000 after purchasing an additional 2,685 shares in the last quarter. Naples Global Advisors LLC increased its position in Magic Software Enterprises by 5.9% during the second quarter. Naples Global Advisors LLC now owns 162,749 shares of the software maker's stock valued at $1,839,000 after acquiring an additional 9,075 shares during the last quarter. Finally, Jane Street Group LLC increased its position in Magic Software Enterprises by 84.3% during the second quarter. Jane Street Group LLC now owns 21,607 shares of the software maker's stock valued at $244,000 after acquiring an additional 9,881 shares during the last quarter. 16.28% of the stock is currently owned by hedge funds and other 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.
See Also: Correction
Get a free copy of the Zacks research report on Magic Software Enterprises (MGIC)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
7 Energy Stocks to Buy On This Historical Dip
It may seem hard to believe, but the current chaos in the energy sector, and oil stocks, in particular, will pass. The novel coronavirus that has birthed a global pandemic is being compared to the Spanish Flu of 1918.
Of course, when you have once in a century event, it’s difficult to look back in history and make an apples-to-apples comparison to our current situation. This isn’t to minimize our current situation. It’s simply to say that the market is forward-looking, but it’s also emotional. And it also hates uncertainty.
In a typical economic downturn, demand decreases, and investors are advised to “buy the dip.” But in the current environment, demand has been destroyed. Millions of Americans are being asked, and in some cases ordered, to stay home. And this simply means that oil demand is down. And investors are looking at prices that are, in some cases, at all-time lows.
The trading app Robinhood is frequented by millennial investors. And according to the latest information, many investors are trying to buy the dip on old guard oil stocks. That may be a mistake.
But the energy sector is about more than just oil stocks. There are several companies that are holding their own in the current environment. And that means when the economy opens up, these companies will be well-positioned for further growth.
Currently, the volatility and uncertainty surrounding energy stocks make them a poor choice for growth investors. However, many of these companies in this presentation offer a secure dividend that, along with the potential for capital appreciation, can make them a solid play for income investors.
View the "7 Energy Stocks to Buy On This Historical Dip".