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

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

Several other analysts have also recently issued reports on the company. Barclays upped their price objective on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a report on Thursday, March 13th. William Blair cut shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research report on Wednesday, March 12th.

Magic Software Enterprises Price Performance

NASDAQ:MGIC traded up $0.01 on Friday, reaching $16.06. 57,928 shares of the company's stock traded hands, compared to its average volume of 55,820. The stock has a 50-day simple moving average of $13.88 and a 200-day simple moving average of $12.89. Magic Software Enterprises has a 12 month low of $9.51 and a 12 month high of $16.50. The firm has a market cap of $788.53 million, a PE ratio of 22.86 and a beta of 0.99. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The software maker reported $0.25 earnings per share for the quarter, hitting the consensus estimate of $0.25. Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. The business had revenue of $147.34 million during the quarter, compared to the consensus estimate of $143.80 million. Equities research analysts forecast that Magic Software Enterprises will post 0.95 earnings per share for the current year.

Institutional Trading of Magic Software Enterprises

Hedge funds and other institutional investors have recently bought and sold shares of the business. IFP Advisors Inc grew 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 acquiring an additional 2,000 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Magic Software Enterprises by 77.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker's stock worth $1,101,000 after buying an additional 40,642 shares during the period. Barclays PLC increased its stake 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 period. Truffle Hound Capital LLC bought a new stake in shares of Magic Software Enterprises in the fourth quarter valued at about $5,173,000. Finally, Truist Financial Corp purchased a new stake in Magic Software Enterprises in the fourth quarter worth about $189,000. Hedge funds and other institutional investors 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.