In a research note that was published on Monday, the equity research analysts at StockNews.com upgraded their opinion on Magic Software Enterprises (NASDAQ: MGIC), moving it from “buy” to “strong-buy.” The previous rating for the company was “buy.”
On November 14th, the most recent earnings report for Magic Software Enterprises was released to the public. Magic Software Enterprises’ stock is traded on the NASDAQ using the ticker symbol MGIC. The software company reported earnings of $0.28 per share for the quarter, which is $0.01 higher than the estimated $0.27 per share made by the market. Magic Software Enterprises achieved a return on equity of 18.81%, while the company’s net margin came in at 5.99%. In addition, the company announced sales for the quarter that came in at $143.96 million, which is significantly higher than the estimates of $131.70 million provided by industry professionals. According to the forecasts provided by market analysts, Magic Software Enterprises will generate profits per share of $1.03 during the current financial year. These projections were made using historical data.
In the most recent few months, various institutional investors have adjusted the interests they hold in the company. These investors hold stakes in the company. Van ECK Associates Corp. increased the percentage of Magic Software Enterprises in which it was invested by 9.9% during the second quarter of the fiscal year. Van ECK Associates Corp. owns the software company, which has 6,161 shares. As a result of the recent acquisition of 555 additional shares during the most recent quarter by the company, the value of these shares has increased to $109,000. Natixis Advisors L.P. increased the amount of Magic Software Enterprises stock owned by 4.6% over the year’s second quarter. During the most recent quarter, Natixis Advisors L.P. increased its holdings in the software developer’s stock by 7,42 shares, bringing the total number of shares owned by the company to 16,952, with a value of $301,000 for the investment. Lazard Asset Management LLC successfully increased the proportion of Magic Software Enterprises that it owned by 25.2% during the second quarter of the fiscal year. After purchasing an additional 1,245 shares during the most recent quarter, Lazard Asset Management LLC now has 6,176 shares of the software developer’s stock, worth $109,000. This brings the total number of shares the company owns to 6,176. The Royal Bank of Canada increased its ownership stake in Magic Software Enterprises by 666.7 percent during the first three months of 2018. After making an additional purchase of 2,000 shares during the most recent quarter, Royal Bank of Canada now possesses 2,300 shares of the software manufacturer’s stock. Based on the current market price, this gives the company a value of $39,000. And finally, but certainly not least, Credit Suisse AG increased the amount of Magic Software Enterprises stock owned by 4.8% during the third quarter. Credit Suisse AG now has a total of 44,240 software maker’s stock shares after purchasing an additional 2,025 shares during the preceding quarter. The stock is currently valued at $688,000. Institutions are the owners of a combined total of 29.56 percent of the company’s stock.
On Monday, the price of MGIC shares went up by $0.16, bringing the total value of those shares to $16.12 in the process. Only 8,563 of the company’s shares were traded, significantly lower than the average number of 22,740 shares. The simple moving average of the company’s stock price over the past 50 days is $15.97, and the average over the last 200 days is $17.04. Over the past year, the price of Magic Software Enterprises has fluctuated between $14.01 and $21.67, reaching a low of $14.01 and a high of $21.67, respectively. There is a ratio of 0.14 debt to equity, 1.97 quick assets to current assets, and 1.97 current assets to total assets. The three ratios are all comparable. The current P/E ratio for the company is 25.19, and it has a beta value of 1.18. The market capitalization for the business is currently at $791.06 million.
Not only in Israel but also in other parts of the world as well, Magic Software Enterprises Ltd. holds a prominent position as a market leader in the provision of information technology (I.T.) software outsourcing services as well as in the development of proprietary applications, business process integration, and vertical software solution provision. The Software Services division of the company is in charge of the development of software applications, the dissemination of these programs, the provision of platforms for the integration of businesses and processes, and the upkeep of the applications above and services.
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