Shares of Magic Software Enterprises Ltd (NASDAQ:MGIC) have received an average recommendation of “Hold” from the six analysts that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $10.25.
Several equities research analysts recently weighed in on MGIC shares. HC Wainwright set a $10.00 price target on shares of Magic Software Enterprises and gave the company a “buy” rating in a research report on Thursday, August 9th. Zacks Investment Research raised shares of Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $9.50 price target for the company in a research report on Tuesday, August 14th. Finally, BidaskClub raised shares of Magic Software Enterprises from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 23rd.
A number of large investors have recently bought and sold shares of the business. Harel Insurance Investments & Financial Services Ltd. grew its position in Magic Software Enterprises by 0.9% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,292,389 shares of the software maker’s stock worth $10,985,000 after purchasing an additional 10,968 shares during the period. Acadian Asset Management LLC bought a new stake in Magic Software Enterprises in the 3rd quarter worth approximately $136,000. Naples Global Advisors LLC grew its position in Magic Software Enterprises by 21.9% in the 2nd quarter. Naples Global Advisors LLC now owns 99,991 shares of the software maker’s stock worth $830,000 after purchasing an additional 17,934 shares during the period. Ramsey Quantitative Systems grew its position in Magic Software Enterprises by 54.4% in the 3rd quarter. Ramsey Quantitative Systems now owns 60,989 shares of the software maker’s stock worth $518,000 after purchasing an additional 21,479 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Magic Software Enterprises by 47.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 88,192 shares of the software maker’s stock worth $750,000 after purchasing an additional 28,323 shares during the period. 10.26% of the stock is owned by institutional investors and hedge funds.
Shares of MGIC opened at $8.70 on Friday. The company has a market cap of $418.34 million, a P/E ratio of 18.91 and a beta of 0.82. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. Magic Software Enterprises has a twelve month low of $7.75 and a twelve month high of $9.25.
Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings results on Wednesday, August 8th. The software maker reported $0.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.01. The company had revenue of $70.22 million during the quarter, compared to the consensus estimate of $72.45 million. Magic Software Enterprises had a net margin of 6.59% and a return on equity of 10.92%. On average, sell-side analysts anticipate that Magic Software Enterprises will post 0.6 EPS for the current fiscal year.
About Magic Software Enterprises
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.
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