Magic Software Enterprises (NASDAQ:MGIC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and 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) “

A number of other analysts have also weighed in on the stock. Barclays reissued a “buy” rating and issued a $10.50 price target on shares of Magic Software Enterprises in a report on Thursday, November 16th. HC Wainwright set a $10.00 price objective on shares of Magic Software Enterprises and gave the company a “buy” rating in a research note on Monday, November 20th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $9.81.

Shares of Magic Software Enterprises (MGIC) opened at $8.85 on Wednesday. The company has a quick ratio of 3.45, a current ratio of 3.45 and a debt-to-equity ratio of 0.16. The firm has a market cap of $398.15, a P/E ratio of 32.78 and a beta of 0.65. Magic Software Enterprises has a fifty-two week low of $6.75 and a fifty-two week high of $9.50.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings results on Tuesday, November 14th. The software maker reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.03). The company had revenue of $65.70 million during the quarter, compared to analyst estimates of $62.65 million. Magic Software Enterprises had a net margin of 4.77% and a return on equity of 10.37%. The business’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.12 EPS. research analysts expect that Magic Software Enterprises will post 0.55 EPS for the current year.

Hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its stake in 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 acquiring an additional 2,000 shares during the last quarter. AXA bought a new position in Magic Software Enterprises in the second quarter valued at approximately $176,000. Macquarie Group Ltd. bought a new position in Magic Software Enterprises in the third quarter valued at approximately $518,000. Bank of New York Mellon Corp bought a new position in Magic Software Enterprises in the second quarter valued at approximately $544,000. Finally, Clal Insurance Enterprises Holdings Ltd boosted its position in shares of Magic Software Enterprises by 0.9% during the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,196,982 shares of the software maker’s stock worth $10,414,000 after purchasing an additional 10,962 shares in the last quarter. 9.32% of the stock is currently owned by hedge funds and other institutional investors.

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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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