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

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

Several other equities analysts have also recently commented on MGIC. Barclays boosted their target price 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. William Blair downgraded shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a report on Wednesday, March 12th.

Magic Software Enterprises Stock Performance

Shares of NASDAQ:MGIC traded down $0.41 on Friday, hitting $15.72. 117,747 shares of the company were exchanged, compared to its average volume of 56,136. The company's 50 day moving average price is $13.98 and its two-hundred day moving average price is $12.94. Magic Software Enterprises has a one year low of $9.51 and a one year high of $16.50. 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 has a market capitalization of $771.84 million, a price-to-earnings ratio of 22.46 and a beta of 0.99.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last announced its earnings results on Wednesday, May 21st. The software maker reported $0.25 earnings per share (EPS) for the quarter, hitting 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 company had revenue of $147.34 million for the quarter, compared to analyst estimates of $143.80 million. Research analysts expect that Magic Software Enterprises will post 0.95 earnings per share for the current year.

Institutional Trading of Magic Software Enterprises

A number of large investors have recently made changes to their positions in the stock. Barclays PLC raised its position in shares of Magic Software Enterprises by 4,274.4% during the third 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. JPMorgan Chase & Co. grew its holdings in 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 in the last quarter. Truist Financial Corp bought a new stake in shares of Magic Software Enterprises in the 4th quarter valued at about $189,000. IFP Advisors Inc boosted its stake in Magic Software Enterprises by 100.0% in the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock worth $48,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Magic Software Enterprises in the 4th quarter worth approximately $1,392,000. 24.70% of the stock is currently owned by institutional investors.

About Magic Software Enterprises

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.