In a report released today, Kevin Dede from H.C. Wainwright maintained a Buy rating on Magic Software Enterprises (MGIC), with a price target of $11.00. The company’s shares closed last Monday at $9.79, close to its 52-week high of $10.20.
According to TipRanks.com, Dede ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -21.5% and a 24.1% success rate. Dede covers the Consumer Goods sector, focusing on stocks such as The Alkaline Water Company, Microvision, and Resonant.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Magic Software Enterprises with a $11.00 average price target.
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Based on Magic Software Enterprises’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $4.84 million. In comparison, last year the company had a net profit of $5.05 million.
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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.
