Magic Software posts 3Q profit

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Heading into the earnings release, covering analysts have a consensus target price of $10.00 on Magic Software Enterprises Ltd. shares.

Magic Software Enterprises Ltd., launched on February 10, 1983, is a provider of application development and business process integration platforms, selected vertical software solutions and related professional services. For the last period, the company reported quarter over quarter EPS growth of -12.50% and quarter over quarter sales growth of 38.20%. The business had revenue of $65.70 million during the quarter, compared to analyst estimates of $62.65 million. Compass Point downgraded Magic Software Enterprises from a buy rating to a neutral rating in a research note on Wednesday, October 19th. HC Wainwright set a $10.00 target price on shares of Magic Software Enterprises and gave the stock a "buy" rating in a report on Thursday, August 10th. The business's quarterly revenue was up 19.4% compared to the same quarter past year.

Since the start of the New Year, Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares have seen a move of 30.47%. Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares have been recently spotted -7.15% away from the 52-week high, and 32.65% away from the 52-week low mark.

ILLEGAL ACTIVITY NOTICE: "Magic Software Enterprises Ltd. (MGIC) Posts Earnings Results, Misses Expectations By $0.03 EPS" was posted by TrueBlueTribune and is owned by of TrueBlueTribune. Finally, ValuEngine upgraded shares of Magic Software Enterprises from a "hold" rating to a "buy" rating in a report on Monday, September 11th. Edmond DE Rothschild Holding S.A. raised its holdings in Magic Software Enterprises by 39.1% during the second quarter. Looking back over the last month, shares have performed -7.45%. Eagle Global Advisors LLC raised its holdings in Magic Software Enterprises by 12.7% during the second quarter. Finally, Bank of New York Mellon Corp raised its holdings in Magic Software Enterprises by 9.5% during the third quarter. Institutional investors own 9.29% of the company's stock. If you are reading this report on another domain, it was copied illegally and republished in violation of USA and worldwide copyright legislation. The Company is a vendor of information technology (IT) outsourcing services. The IT professional services segment offers IT services in the areas of infrastructure design and delivery, application development, technology planning and implementation services, and communications services and solutions.

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