Magic Software Enterprises Ltd. (NASDAQ:MGIC) to Post FY2023 Earnings of $1.13 Per Share, William Blair Forecasts

Magic Software Enterprises Ltd. (NASDAQ:MGIC – Get Rating) – Research analysts at William Blair cut their FY2023 earnings per share estimates for Magic Software Enterprises in a research note issued on Thursday, May 18th. William Blair analyst M. Nolan now anticipates that the software maker will post earnings per share of $1.13 for the year, down from their previous estimate of $1.14. The consensus estimate for Magic Software Enterprises’ current full-year earnings is $1.13 per share. William Blair also issued estimates for Magic Software Enterprises’ Q1 2024 earnings at $0.29 EPS.

A number of other analysts have also issued reports on MGIC. StockNews.com lowered Magic Software Enterprises from a “buy” rating to a “hold” rating in a research note on Tuesday, May 16th. Barclays lowered their price target on Magic Software Enterprises from $28.00 to $23.00 in a research note on Friday, March 10th.

Magic Software Enterprises Stock Performance

Shares of NASDAQ:MGIC opened at $14.64 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.60 and a quick ratio of 1.60. The business’s 50 day moving average price is $13.53 and its 200-day moving average price is $15.12. The firm has a market capitalization of $718.68 million, a PE ratio of 18.53 and a beta of 1.17. Magic Software Enterprises has a 1 year low of $12.43 and a 1 year high of $20.24.

Magic Software Enterprises (NASDAQ:MGIC – Get Rating) last issued its quarterly earnings data on Thursday, March 9th. The software maker reported $0.28 EPS for the quarter, beating the consensus estimate of $0.26 by $0.02. The company had revenue of $147.15 million for the quarter, compared to analyst estimates of $143.00 million. Magic Software Enterprises had a return on equity of 19.32% and a net margin of 7.21%.

Magic Software Enterprises Increases Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Thursday, April 20th. Shareholders of record on Monday, April 10th were paid a dividend of $0.225 per share. The ex-dividend date of this dividend was Thursday, April 6th. This represents a yield of 4.4%. This is a positive change from Magic Software Enterprises’s previous semi-annual dividend of $0.09. Magic Software Enterprises’s payout ratio is 75.95%.

Hedge Funds Weigh In On Magic Software Enterprises

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Natixis Advisors L.P. boosted its stake in Magic Software Enterprises by 4.6% during the second quarter. Natixis Advisors L.P. now owns 16,952 shares of the software maker’s stock worth $301,000 after buying an additional 742 shares during the last quarter. Swiss National Bank boosted its stake in Magic Software Enterprises by 2.2% during the fourth quarter. Swiss National Bank now owns 65,546 shares of the software maker’s stock worth $1,043,000 after buying an additional 1,412 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Magic Software Enterprises by 2.5% during the first quarter. Bank of New York Mellon Corp now owns 64,519 shares of the software maker’s stock worth $879,000 after buying an additional 1,603 shares during the last quarter. Royal Bank of Canada boosted its stake in Magic Software Enterprises by 666.7% during the first quarter. Royal Bank of Canada now owns 2,300 shares of the software maker’s stock worth $39,000 after buying an additional 2,000 shares during the last quarter. Finally, Credit Suisse AG boosted its stake in Magic Software Enterprises by 4.8% during the third quarter. Credit Suisse AG now owns 44,240 shares of the software maker’s stock worth $688,000 after buying an additional 2,025 shares during the last quarter. Institutional investors and hedge funds own 18.24% of the company’s stock.

Magic Software Enterprises Company Profile

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Magic Software Enterprises Ltd. engages in the provision of proprietary application development and business process integration platforms, vertical software solutions, and vendor of information technology (IT) outsourcing software services. It operates through Software Services and IT Professional Services segments.