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.
Read Our Latest Stock Analysis on MGIC
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
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Get Free Report)
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.
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