Magic Software Enterprises Ltd reports results for the quarter ended June 30 - Earnings Summary

• Magic Software Enterprises Ltd MGIC.OQ reported quarterly adjusted earnings of 26 cents​​ per share for the quarter ended June 30, higher than the same quarter last year, when the company reported EPS of 24 cents. The lone analyst forecast for the quarter was for earnings of 25 cents per share.

• Revenue rose 11.3% to $151.64 million from a year ago; analysts expected $145.90 million.

• Magic Software Enterprises Ltd's reported EPS for the quarter was 20 cents​.

• The company reported quarterly net income of $9.92 million.

• Magic Software Enterprises Ltd shares had risen by 7.2% this quarter and gained 70.3% so far this year.

FORECAST CHANGES

• The mean earnings estimate of analysts had risen by about 0.2% in the last three months.​

• In the last 30 days, there have been no earnings estimate revisions by analysts covering the company.

RECOMMENDATIONS

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy," 1 "hold" and no "sell" or "strong sell." The average consensus recommendation for the software peer group is also "buy"

• Wall Street's median 12-month price target for Magic Software Enterprises Ltd is $18.00, about 13.8% below its last closing price of $20.49

This summary was machine generated from LSEG data August 14 at 04:25 p.m. UTC. ​All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)