Magic Software Enterprises Ltd. (MGIC) Stock Rating Lowered by Zacks Investment Research
Magic Software Enterprises Ltd. (NASDAQ:MGIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Magic Software Enterprises, a member of the Formula Group, develops, markets and supports software development and deployment technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners. (PRESS RELEASE) “
Separately, Barclays PLC set a $9.00 target price on Magic Software Enterprises and gave the company a “buy” rating in a report on Thursday, August 11th.
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Magic Software Enterprises (NASDAQ:MGIC) opened at 7.14 on Wednesday. The firm has a 50 day moving average price of $7.34 and a 200 day moving average price of $7.02. Magic Software Enterprises has a 52 week low of $5.13 and a 52 week high of $7.89. The stock has a market capitalization of $315.10 million, a P/E ratio of 21.00 and a beta of 1.04.
Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Wednesday, August 10th. The company reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by $0.01. The company had revenue of $47.40 million for the quarter, compared to the consensus estimate of $45.07 million. Magic Software Enterprises had a net margin of 8.43% and a return on equity of 10.60%. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period last year, the company posted $0.12 earnings per share. Equities research analysts predict that Magic Software Enterprises will post $0.51 earnings per share for the current year.
The firm also recently disclosed a dividend, which was paid on Thursday, September 22nd. Investors of record on Thursday, September 8th were issued a $0.085 dividend. The ex-dividend date of this dividend was Tuesday, September 6th. Magic Software Enterprises’s dividend payout ratio (DPR) is 50.00%.
A number of institutional investors have recently modified their holdings of MGIC. Menora Mivtachim Holdings LTD. raised its position in shares of Magic Software Enterprises by 261.7% in the second quarter. Menora Mivtachim Holdings LTD. now owns 174,316 shares of the company’s stock worth $1,156,000 after buying an additional 126,116 shares during the period. O Shaughnessy Asset Management LLC raised its position in shares of Magic Software Enterprises by 15.7% in the second quarter. O Shaughnessy Asset Management LLC now owns 32,773 shares of the company’s stock worth $217,000 after buying an additional 4,452 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Magic Software Enterprises by 4.9% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,062,741 shares of the company’s stock worth $7,046,000 after buying an additional 50,000 shares during the period. Geode Capital Management LLC raised its position in shares of Magic Software Enterprises by 9.6% in the first quarter. Geode Capital Management LLC now owns 22,249 shares of the company’s stock worth $150,000 after buying an additional 1,941 shares during the period. Finally, Edmond DE Rothschild Holding S.A. raised its position in shares of Magic Software Enterprises by 68.4% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 52,330 shares of the company’s stock worth $356,000 after buying an additional 21,250 shares during the period. 8.50% of the stock is owned by institutional investors and hedge funds.
About Magic Software Enterprises
Magic Software Enterprises Ltd. is a provider of application development, business process integration platforms, vertical software solutions and related professional services. The Company is a vendor of information technology (IT) outsourcing services. Its software technology is used by customers to develop, deploy and integrate on premise, mobile and cloud-based business.
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