Magic Software Enterprises Ltd. (NASDAQ:MGIC) Upgraded to “Buy” at Zacks Investment Research
Magic Software Enterprises Ltd. (NASDAQ:MGIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday. The firm currently has a $9.00 price objective on the software maker’s stock. Zacks Investment Research‘s price target points to a potential upside of 13.21% from the stock’s previous close.
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) “
Several other research firms have also issued reports on MGIC. Barclays PLC restated an “overweight” rating and issued a $10.00 target price (up previously from $9.50) on shares of Magic Software Enterprises in a report on Wednesday, May 17th. Rodman & Renshaw restated a “buy” rating and issued a $10.00 target price (up previously from $9.00) on shares of Magic Software Enterprises in a report on Wednesday, May 17th. HC Wainwright set a $10.00 target price on shares of Magic Software Enterprises and gave the company a “buy” rating in a report on Thursday. Finally, BidaskClub upgraded shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. Magic Software Enterprises has an average rating of “Buy” and an average price target of $9.75.
Shares of Magic Software Enterprises (NASDAQ:MGIC) traded down 0.63% during mid-day trading on Friday, reaching $7.95. The company had a trading volume of 15,491 shares. The stock has a 50 day moving average of $8.01 and a 200-day moving average of $7.83. Magic Software Enterprises has a one year low of $6.51 and a one year high of $8.70. The firm has a market capitalization of $350.85 million, a price-to-earnings ratio of 28.29 and a beta of 0.64.
Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Wednesday, August 9th. The software maker reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.01. The business had revenue of $65.50 million for the quarter, compared to analyst estimates of $52.65 million. Magic Software Enterprises had a net margin of 5.08% and a return on equity of 10.49%. Magic Software Enterprises’s revenue for the quarter was up 38.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.12 earnings per share. Equities analysts predict that Magic Software Enterprises will post $0.54 EPS for the current year.
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Institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its position in shares of Magic Software Enterprises by 11.2% in the second quarter. Dimensional Fund Advisors LP now owns 19,858 shares of the software maker’s stock valued at $158,000 after buying an additional 2,000 shares in the last quarter. Edmond DE Rothschild Holding S.A. raised its position in shares of Magic Software Enterprises by 39.1% in the second quarter. Edmond DE Rothschild Holding S.A. now owns 101,539 shares of the software maker’s stock valued at $807,000 after buying an additional 28,539 shares in the last quarter. AXA bought a new position in shares of Magic Software Enterprises during the second quarter valued at $176,000. Clal Insurance Enterprises Holdings Ltd raised its position in shares of Magic Software Enterprises by 1,421.9% in the second quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,186,020 shares of the software maker’s stock valued at $9,429,000 after buying an additional 1,108,088 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Magic Software Enterprises during the second quarter valued at $544,000. Hedge funds and other institutional investors own 10.24% 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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