Magic Software Enterprises (NASDAQ:MGIC) Downgraded to Buy Rating by Wall Street Zen

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report issued on Saturday.

A number of other research firms have also commented on MGIC. William Blair lowered shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research report on Wednesday, March 12th. Barclays boosted their price target on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the company an "overweight" rating in a research report on Thursday, March 13th.

Magic Software Enterprises Stock Performance

Magic Software Enterprises stock traded down $0.18 during mid-day trading on Friday, reaching $15.96. The company's stock had a trading volume of 12,094 shares, compared to its average volume of 55,692. Magic Software Enterprises has a 12-month low of $9.51 and a 12-month high of $16.66. The company has a market capitalization of $783.37 million, a P/E ratio of 22.79 and a beta of 0.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The firm's fifty day moving average price is $13.93 and its two-hundred day moving average price is $12.91.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The software maker reported $0.25 earnings per share for the quarter, meeting analysts' consensus estimates of $0.25. Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. The business had revenue of $147.34 million during the quarter, compared to analyst estimates of $143.80 million. Sell-side analysts predict that Magic Software Enterprises will post 0.95 EPS for the current fiscal year.

Institutional Trading of Magic Software Enterprises

A number of hedge funds have recently made changes to their positions in MGIC. Barclays PLC lifted its holdings in shares of Magic Software Enterprises by 4,274.4% during the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker's stock worth $69,000 after acquiring an additional 5,685 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Magic Software Enterprises by 77.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker's stock worth $1,101,000 after acquiring an additional 40,642 shares during the last quarter. Truist Financial Corp bought a new stake in shares of Magic Software Enterprises during the 4th quarter worth $189,000. IFP Advisors Inc lifted its holdings in shares of Magic Software Enterprises by 100.0% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock worth $48,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Magic Software Enterprises during the 4th quarter worth $1,392,000. 24.70% of the stock is owned by institutional investors.

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.