Q4 2022 EPS Estimates for Magic Software Enterprises Ltd. (NASDAQ:MGIC) Reduced by Analyst

Magic Software Enterprises Ltd. (NASDAQ:MGICGet Rating) – Analysts at William Blair lowered their Q4 2022 earnings estimates for shares of Magic Software Enterprises in a note issued to investors on Tuesday, November 15th. William Blair analyst M. Nolan now anticipates that the software maker will post earnings per share of $0.26 for the quarter, down from their previous forecast of $0.28. The consensus estimate for Magic Software Enterprises’ current full-year earnings is $1.03 per share. William Blair also issued estimates for Magic Software Enterprises’ Q3 2023 earnings at $0.30 EPS and FY2023 earnings at $1.18 EPS.

Separately, StockNews.com cut shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research note on Monday.

Magic Software Enterprises Price Performance

Shares of MGIC opened at $16.67 on Thursday. The stock has a market capitalization of $818.05 million, a P/E ratio of 26.05 and a beta of 1.15. Magic Software Enterprises has a twelve month low of $14.01 and a twelve month high of $24.72. The company has a 50 day moving average of $15.66 and a 200-day moving average of $17.05. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 0.14.

Hedge Funds Weigh In On Magic Software Enterprises

Hedge funds and other institutional investors have recently made changes to their positions in the company. Meitav Dash Investments Ltd. grew its stake in shares of Magic Software Enterprises by 6.2% in the first quarter. Meitav Dash Investments Ltd. now owns 544,488 shares of the software maker’s stock valued at $9,577,000 after buying an additional 31,994 shares in the last quarter. Phoenix Holdings Ltd. grew its stake in shares of Magic Software Enterprises by 48.9% in the first quarter. Phoenix Holdings Ltd. now owns 389,248 shares of the software maker’s stock valued at $6,784,000 after buying an additional 127,907 shares in the last quarter. Aptus Capital Advisors LLC grew its stake in shares of Magic Software Enterprises by 6.8% in the first quarter. Aptus Capital Advisors LLC now owns 117,335 shares of the software maker’s stock valued at $2,022,000 after buying an additional 7,485 shares in the last quarter. Eqis Capital Management Inc. grew its stake in shares of Magic Software Enterprises by 30.7% in the third quarter. Eqis Capital Management Inc. now owns 14,903 shares of the software maker’s stock valued at $232,000 after buying an additional 3,501 shares in the last quarter. Finally, Naples Global Advisors LLC grew its stake in shares of Magic Software Enterprises by 2.9% in the third quarter. Naples Global Advisors LLC now owns 245,125 shares of the software maker’s stock valued at $3,814,000 after buying an additional 6,966 shares in the last quarter. 29.56% of the stock is owned by institutional investors.

Magic Software Enterprises Company Profile

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

Further Reading

Earnings History and Estimates for Magic Software Enterprises (NASDAQ:MGIC)

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