Magic Software Enterprises (NASDAQ:MGIC – Get Free Report) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued on Thursday.
Separately, Barclays lifted their price objective on shares of Magic Software Enterprises from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Thursday, March 14th.
View Our Latest Report on MGIC
Magic Software Enterprises Stock Performance
Shares of Magic Software Enterprises stock opened at $11.02 on Thursday. The firm has a market capitalization of $541.07 million, a P/E ratio of 15.10 and a beta of 1.06. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.14. The company has a 50 day moving average price of $10.82 and a 200 day moving average price of $10.92. Magic Software Enterprises has a 52 week low of $8.15 and a 52 week high of $13.47.
Magic Software Enterprises (NASDAQ:MGIC – Get Free Report) last posted its quarterly earnings data on Thursday, May 16th. The software maker reported $0.23 EPS for the quarter, topping the consensus estimate of $0.21 by $0.02. Magic Software Enterprises had a net margin of 6.83% and a return on equity of 16.36%. The business had revenue of $130.72 million during the quarter, compared to the consensus estimate of $126.80 million. Sell-side analysts expect that Magic Software Enterprises will post 0.95 EPS for the current year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGIC. Wellington Management Group LLP lifted its position in Magic Software Enterprises by 12.7% during the third quarter. Wellington Management Group LLP now owns 672,347 shares of the software maker’s stock valued at $7,591,000 after purchasing an additional 76,000 shares during the period. Quadrature Capital Ltd acquired a new position in Magic Software Enterprises during the first quarter valued at $593,000. CANADA LIFE ASSURANCE Co lifted its position in Magic Software Enterprises by 722.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock valued at $177,000 after purchasing an additional 13,469 shares during the period. Colonial River Wealth Management LLC acquired a new position in Magic Software Enterprises during the fourth quarter valued at $127,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Magic Software Enterprises by 61.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock valued at $58,000 after purchasing an additional 2,263 shares during the period. 24.70% of the stock is currently owned by institutional investors and hedge funds.
About Magic Software Enterprises
Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud based services in Israel and internationally. The company’s Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.
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