Barclays PLC Reiterates Overweight Rating for Magic Software Enterprises Ltd (MGIC)
Magic Software Enterprises Ltd (NASDAQ:MGIC)‘s stock had its “overweight” rating restated by stock analysts at Barclays PLC in a research report issued to clients and investors on Wednesday. They presently have a $10.00 price objective on the software maker’s stock, up from their prior price objective of $9.50. Barclays PLC’s price target suggests a potential upside of 21.21% from the stock’s current price.
MGIC has been the subject of a number of other reports. Zacks Investment Research upgraded shares of Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $8.50 price objective for the company in a research note on Tuesday, February 28th. Rodman & Renshaw reiterated a “buy” rating and issued a $9.00 price objective (up from $8.00) on shares of Magic Software Enterprises in a research note on Monday, March 6th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $9.50.
Shares of Magic Software Enterprises (NASDAQ:MGIC) traded down 2.37% during mid-day trading on Wednesday, hitting $8.25. The company’s stock had a trading volume of 56,319 shares. Magic Software Enterprises has a 1-year low of $6.46 and a 1-year high of $8.70. The company has a 50-day moving average of $7.83 and a 200 day moving average of $7.44. The company has a market cap of $364.09 million, a price-to-earnings ratio of 30.78 and a beta of 0.65.
Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Tuesday, May 16th. The software maker reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. Magic Software Enterprises had a net margin of 7.95% and a return on equity of 10.41%. The business had revenue of $60.80 million during the quarter, compared to analyst estimates of $49.90 million. During the same period in the previous year, the business earned $0.11 EPS. Magic Software Enterprises’s revenue was up 36.0% compared to the same quarter last year. On average, analysts expect that Magic Software Enterprises will post $0.57 EPS for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Edmond DE Rothschild Holding S.A. raised its position in Magic Software Enterprises by 3.5% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 73,000 shares of the software maker’s stock worth $569,000 after buying an additional 2,500 shares during the period. Morgan Stanley raised its position in Magic Software Enterprises by 19.6% in the first quarter. Morgan Stanley now owns 21,058 shares of the software maker’s stock worth $165,000 after buying an additional 3,446 shares during the period. Dimensional Fund Advisors LP raised its position in Magic Software Enterprises by 19.3% in the first quarter. Dimensional Fund Advisors LP now owns 17,858 shares of the software maker’s stock worth $139,000 after buying an additional 2,891 shares during the period. Geode Capital Management LLC raised its position in Magic Software Enterprises by 13.9% in the first quarter. Geode Capital Management LLC now owns 27,838 shares of the software maker’s stock worth $217,000 after buying an additional 3,387 shares during the period. Finally, Brandes Investment Partners LP raised its position in Magic Software Enterprises by 65.7% in the first quarter. Brandes Investment Partners LP now owns 18,210 shares of the software maker’s stock worth $142,000 after buying an additional 7,221 shares during the period. Hedge funds and other institutional investors own 10.57% of the company’s stock.
Magic Software Enterprises Company Profile
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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