Magic Software Enterprises Ltd. (NASDAQ:MGIC) has been given an average recommendation of “Buy” by the six analysts that are currently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $10.00.

A number of brokerages have issued reports on MGIC. BidaskClub raised shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a research note on Wednesday. Barclays PLC reaffirmed an “overweight” rating and issued a $10.00 price objective (up from $9.50) on shares of Magic Software Enterprises in a research note on Wednesday, May 17th. Rodman & Renshaw reaffirmed a “buy” rating and issued a $10.00 price objective (up from $9.00) on shares of Magic Software Enterprises in a research note on Wednesday, May 17th. Finally, Zacks Investment Research cut shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research note on Tuesday, May 9th.

A number of large investors have recently bought and sold shares of MGIC. Brandes Investment Partners LP raised its stake 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 valued at $142,000 after buying an additional 7,221 shares during the period. Eagle Global Advisors LLC raised its stake in Magic Software Enterprises by 11.0% in the first quarter. Eagle Global Advisors LLC now owns 70,783 shares of the software maker’s stock valued at $552,000 after buying an additional 7,000 shares during the period. Edmond DE Rothschild Holding S.A. raised its stake 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 valued at $569,000 after buying an additional 2,500 shares during the period. Clal Insurance Enterprises Holdings Ltd purchased a new stake in Magic Software Enterprises during the first quarter valued at $613,000. Finally, Denver Investment Advisors LLC raised its stake in Magic Software Enterprises by 0.6% in the first quarter. Denver Investment Advisors LLC now owns 1,394,025 shares of the software maker’s stock valued at $10,873,000 after buying an additional 8,354 shares during the period. Institutional investors own 10.24% of the company’s stock.

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Shares of Magic Software Enterprises (NASDAQ:MGIC) traded up 1.87% during mid-day trading on Wednesday, hitting $8.15. The stock had a trading volume of 11,323 shares. Magic Software Enterprises has a one year low of $6.51 and a one year high of $8.70. The company has a market cap of $359.68 million, a PE ratio of 29.00 and a beta of 0.63. The firm’s 50 day moving average price is $8.06 and its 200-day moving average price is $7.62.

Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings data on Tuesday, May 16th. The software maker reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. Magic Software Enterprises had a net margin of 5.73% and a return on equity of 10.22%. The firm had revenue of $60.80 million for the quarter, compared to analysts’ expectations of $49.90 million. During the same period last year, the firm earned $0.11 earnings per share. The business’s revenue for the quarter was up 36.0% on a year-over-year basis. On average, equities research analysts anticipate that Magic Software Enterprises will post $0.53 earnings per share for the current fiscal year.

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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