Magic Software Enterprises (NASDAQ:MGIC) Issues Quarterly Earnings Results

Magic Software Enterprises (NASDAQ:MGIC) announced its quarterly earnings data on Tuesday. The software maker reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.01), Zacks reports. Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%.

Magic Software Enterprises Stock Performance

Shares of MGIC traded up $1.08 during mid-day trading on Tuesday, reaching $13.93. The company had a trading volume of 99,053 shares, compared to its average volume of 52,399. The stock has a 50 day moving average of $12.51 and a two-hundred day moving average of $11.80. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $683.80 million, a P/E ratio of 19.96 and a beta of 1.11. Magic Software Enterprises has a 52-week low of $9.51 and a 52-week high of $14.24.

Wall Street Analysts Forecast Growth

MGIC has been the topic of several research reports. StockNews.com downgraded shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 26th. Barclays increased their price objective on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud-based services in Israel and internationally. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.