Magic Software Enterprises (NASDAQ:MGIC) Upgraded at Wall Street Zen

Magic Software Enterprises (NASDAQ:MGIC) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Other research analysts also recently issued research reports about the company. Weiss Ratings reissued a “hold (c)” rating on shares of Magic Software Enterprises in a report on Monday. Zacks Research lowered Magic Software Enterprises from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $18.00.

Magic Software Enterprises Stock Performance

Magic Software Enterprises stock opened at $26.29 on Friday. Magic Software Enterprises has a 12-month low of $11.36 and a 12-month high of $27.44. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.48 and a quick ratio of 1.48. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 32.46 and a beta of 0.71. The firm’s fifty day moving average price is $22.94 and its 200 day moving average price is $20.77.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings data on Tuesday, November 18th. The software maker reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.04). The firm had revenue of $161.70 million during the quarter, compared to analysts’ expectations of $154.80 million. Magic Software Enterprises had a net margin of 6.61% and a return on equity of 16.28%. On average, research analysts forecast that Magic Software Enterprises will post 0.95 EPS for the current fiscal year.

Hedge Funds Weigh In On Magic Software Enterprises

Large investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in Magic Software Enterprises during the second quarter valued at $33,000. Quent Capital LLC bought a new position in shares of Magic Software Enterprises in the 3rd quarter worth about $41,000. CWM LLC boosted its holdings in shares of Magic Software Enterprises by 1,045.5% in the 3rd quarter. CWM LLC now owns 2,291 shares of the software maker’s stock valued at $47,000 after buying an additional 2,091 shares during the period. State of Tennessee Department of Treasury bought a new stake in shares of Magic Software Enterprises during the 2nd quarter valued at about $46,000. Finally, IFP Advisors Inc raised its stake in Magic Software Enterprises by 38.8% during the third quarter. IFP Advisors Inc now owns 2,775 shares of the software maker’s stock worth $57,000 after acquiring an additional 775 shares during the period. 24.70% of the stock is currently owned by institutional investors.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. is a global provider of enterprise software solutions that enable organizations to develop, integrate and manage business applications across cloud and on-premises environments. Serving clients in industries such as financial services, healthcare, manufacturing and distribution, the company’s platforms are designed to accelerate digital transformation by streamlining the creation of web, desktop and mobile applications while ensuring seamless data flow between disparate systems.

The company’s flagship offering, the Magic xpa Application Platform, provides a low-code development environment that simplifies the design, deployment and maintenance of enterprise applications.