Magic Software Enterprises Ltd. to Post Q3 2023 Earnings of $0.28 Per Share, William Blair Forecasts (NASDAQ:MGIC)

Magic Software Enterprises Ltd. (NASDAQ:MGIC) – Equities research analysts at William Blair reduced their Q3 2023 earnings per share estimates for Magic Software Enterprises in a research report issued on Wednesday, November 8th. William Blair analyst M. Nolan now expects that the software maker will post earnings per share of $0.28 for the quarter, down from their prior estimate of $0.29. The consensus estimate for Magic Software Enterprises’ current full-year earnings is $1.11 per share. William Blair also issued estimates for Magic Software Enterprises’ Q1 2024 earnings at $0.28 EPS, Q2 2024 earnings at $0.26 EPS, Q3 2024 earnings at $0.20 EPS, FY2024 earnings at $0.96 EPS and FY2025 earnings at $0.96 EPS.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings data on Monday, August 14th. The software maker reported $0.28 EPS for the quarter, beating the consensus estimate of $0.26 by $0.02. Magic Software Enterprises had a return on equity of 19.65% and a net margin of 7.52%. The business had revenue of $137.58 million for the quarter, compared to the consensus estimate of $142.30 million.

A number of other research firms have also weighed in on MGIC. TheStreet lowered shares of Magic Software Enterprises from a “b-” rating to a “c+” rating in a research note on Thursday, August 17th. StockNews.com started coverage on Magic Software Enterprises in a report on Thursday, October 5th. They set a “buy” rating on the stock. Finally, Barclays dropped their price objective on Magic Software Enterprises from $23.00 to $18.00 and set an “overweight” rating on the stock in a report on Tuesday, August 15th.

Magic Software Enterprises Trading Up 1.6 %

Shares of Magic Software Enterprises stock opened at $8.65 on Friday. Magic Software Enterprises has a 52-week low of $8.15 and a 52-week high of $17.67. The stock’s 50-day simple moving average is $10.72 and its 200 day simple moving average is $12.18. The stock has a market capitalization of $424.63 million, a P/E ratio of 10.06 and a beta of 1.20. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.75 and a current ratio of 1.75.

Institutional Investors Weigh In On Magic Software Enterprises

Hedge funds have recently made changes to their positions in the business. Swiss National Bank grew its holdings in shares of Magic Software Enterprises by 7.5% in the first quarter. Swiss National Bank now owns 64,134 shares of the software maker’s stock worth $1,130,000 after purchasing an additional 4,501 shares during the last quarter. Natixis Advisors L.P. grew its holdings in Magic Software Enterprises by 5.8% in the 1st quarter. Natixis Advisors L.P. now owns 16,210 shares of the software maker’s stock worth $279,000 after acquiring an additional 887 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Magic Software Enterprises by 5.8% in the first quarter. Acadian Asset Management LLC now owns 42,197 shares of the software maker’s stock valued at $717,000 after acquiring an additional 2,313 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Magic Software Enterprises by 14.8% during the first quarter. Dimensional Fund Advisors LP now owns 125,734 shares of the software maker’s stock valued at $2,166,000 after acquiring an additional 16,244 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Magic Software Enterprises by 27.8% during the first quarter. Vanguard Group Inc. now owns 17,884 shares of the software maker’s stock worth $308,000 after purchasing an additional 3,885 shares during the period. 14.25% of the stock is currently owned by institutional investors.

Magic Software Enterprises Increases Dividend

The firm also recently disclosed a Semi-Annual dividend, which was paid on Wednesday, September 13th. Stockholders of record on Wednesday, August 30th were issued a $0.327 dividend. This represents a dividend yield of 5.4%. This is a positive change from Magic Software Enterprises’s previous Semi-Annual dividend of $0.23. The ex-dividend date was Tuesday, August 29th. Magic Software Enterprises’s payout ratio is presently 75.58%.

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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.