Magic Software Enterprises (NASDAQ:MGIC) Rating Lowered to “Buy” at StockNews.com

StockNews.com downgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from a strong-buy rating to a buy rating in a research report released on Tuesday morning.

Magic Software Enterprises Price Performance

Shares of MGIC stock opened at $11.42 on Tuesday. Magic Software Enterprises has a twelve month low of $8.40 and a twelve month high of $12.99. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.13. The business has a fifty day simple moving average of $11.26 and a 200 day simple moving average of $10.99. The company has a market cap of $560.72 million, a P/E ratio of 16.79 and a beta of 1.08.

Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings results on Wednesday, August 14th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.02. The company had revenue of $136.25 million for the quarter, compared to analyst estimates of $132.10 million. Magic Software Enterprises had a net margin of 6.41% and a return on equity of 15.63%. During the same period in the previous year, the firm posted $0.28 EPS. On average, sell-side analysts forecast that Magic Software Enterprises will post 0.95 EPS for the current fiscal year.

Institutional Investors Weigh In On Magic Software Enterprises

Hedge funds have recently modified their holdings of the company. Copeland Capital Management LLC acquired a new position in Magic Software Enterprises in the 3rd quarter worth about $47,000. Barclays PLC raised its holdings in Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after buying an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in Magic Software Enterprises during the 3rd quarter worth approximately $115,000. CANADA LIFE ASSURANCE Co increased its position in Magic Software Enterprises by 722.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock valued at $177,000 after acquiring an additional 13,469 shares during the period. Finally, Quadrature Capital Ltd bought a new position in shares of Magic Software Enterprises during the first quarter valued at $593,000. Institutional investors and hedge funds own 24.70% of the company’s stock.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud-based services in Israel and internationally. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.