Magic Software Enterprises Ltd. (MGIC) Releases Earnings Results, Misses Expectations By $-0.03 EPS

Magic Software Enterprises Ltd. (MGIC) reported quarterly earnings results on Monday, May-9-2016. The company reported $0.11 earnings per share for the quarter, missing the analyst consensus estimate by $-0.03. Analysts had a consensus of $0.14. The company posted revenue of $44.70 million in the period, compared to analysts expectations of $45.00 million. The company’s revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.12 EPS.

Many Wall Street Analysts have commented on Magic Software Enterprises Ltd.. Company shares were Reiterated by Barclays on Feb 23, 2016 to “Overweight”, Firm has raised the Price Target to $ 8.50 from a previous price target of $8 .

Magic Software Enterprises Ltd. closed down -0.0918 points or -1.32% at $6.8382 with 17,552 shares getting traded on Friday. Post opening the session at $6.95, the shares hit an intraday low of $6.53 and an intraday high of $6.98 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

Magic Software Enterprises Ltd. is a provider of application development business process integration and selected vertical software solutions and related professional services. The Company is also a vendor of information technology (IT) outsourcing services. The Company operates through two business segments: software services and IT professional services. The software services segment includes software technology and complementary 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. Its product portfolio includes Magic xpa Application Platform a platform that develops and deploys business applications; AppBuilder Application Platform a platform that builds deploys and maintains mainframe-grade business applications and Magic xpi Integration Platform a platform for application integration.

Magic Software Enterprises Ltd.

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