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Updated:Cloud computing company under $10 but not for long.

Its name is Magic Software , a nice sounding name for a company whose software is really doing magic to its growth. On a yoy basis its Operating Cash in the last 9 months is up 106% , its revenues are up 66%,its eps is up over 100%, while in the latest earnings the Third Quarter of 2010: Magic Triples its Operating Profits.

The stock as of this writing is at $7.84/shr but it should head to $10 plus in a hurry. The reason for its strong growth is because its partnered with some of the high flying Cloud computing companies like (NYSE:CRM) among others (NYSE:IBM) (NYSE:ORCL) (NYSE:SAP): If you don't know (CRM) its and its stock has risen from the $20's in 2009 to $140+ today. How can a stock run that high that fast you ask?
Its all about the Cloud platforms which must keep up with the:

BOSTON (Reuters) January 14, 2011 at 9:18 am

Jeffrey Saut simply looks up to remind himself which tech stocks will be hot in 2011.

Saut, chief investment strategist for brokerage Raymond James, says he is betting on companies that are leaders in cloud computing — using Internet technology to move computers and information away from desktops and into remote data centers.

Despite the surge in cloud computing stock prices last year, investors are expecting an encore in 2011 as the revenue growth for these companies rises faster than the broader technology landscape.

Will Danoff, who manages the $72 billion Fidelity Contrafund, is among the most closely watched investors who has embraced the cloud. He says that the cloud is one of his investing strategies for 2011 because he expects companies that sell into the sector to outperform the broader market.

IT research firm Gartner estimates that companies that sell software as a cloud-based service will see revenue growth accelerate this year, climbing 16.2 percent. Last year sales grew an estimated 15.7 percent.  Read the entire article

  • Big news coming in the next couple of weeks from (NASDAQ:MGIC) :
  • Open Sky - Public Cloud Offering (Still pending)
In an Interview late in 2010 Executive Vice President Amit Zvi said : The most exciting thing I see for the year ahead from within Magic is our coming public cloud offering – code named ‘Open Sky’. This will also include an integration layer based around iBOLT. Cloud development is changing as we speak, and we believe that we can build upon our mature technology stack – both uniPaaS and iBOLT, to create a very attractive public-cloud PaaS offering for our new and existing customers. We have the potential to become the cutting edge vendor in this space, by enabling a smarter path to software-as-a-service and integration-as-a-service, all of which enables our customers to more efficiently and effectively ride today’s IT revolution and become leaders in their fields.
  • uniPaaS Jet "Has arrived earlier than anticipated 1/17/11"
Join the millions of developers and thousands of companies that are already developing and deploying applications with uniPaaS (MGIC) has released uniPaaS Jet. You can download a free edition here in link  today!
 About uniPaaS uniPaaS is an application platform enabling developers to efficiently build and deploy business applications. uniPaaS gives you the choice to run and easily maintain applications in multiple deployment modes including Full Client, Rich Internet Applications (RIA), Software-as-a-Service (SaaS), and Mobile.

  • About Magic Software

Magic Software Enterprises Ltd. (Nasdaq:MGIC - News) is a global provider of on-premise and cloud-enabled application platform solutions – including full client, rich internet applications (RIA), mobile or Software-as-a-Service (SaaS) modes – and business and process integration solutions. Magic Software has 13 offices worldwide and a presence in over 50 countries with a global network of ISVs, system integrators, value-added distributors and resellers, as well as consulting and OEM partners. The company's award-winning, code-free solutions give partners and customers the power to leverage existing IT resources, enhance business agility and focus on core business priorities.  Magic Software's technological approach, product roadmap and corporate strategy are recognized by leading industry analysts. Magic Software has partnerships with global IT leaders including (SAP) AG, (CRM), (IBM) and Oracle (ORCL). For more information visit about Magic Software and its products and services, visit, and for more about our industry-related news, business issues and trends, read the Magic Software Blog.

Disclosure: I am long MGIC.