Magic Software Enterprises (NASDAQ:MGIC) Cut to Buy at Wall Street Zen

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

Other equities analysts have also issued research reports about the company. Barclays upped their price target on Magic Software Enterprises from $15.00 to $16.00 and gave the company an "overweight" rating in a research note on Thursday, March 13th. William Blair downgraded Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a report on Wednesday, March 12th.

Magic Software Enterprises Stock Up 6.2%

NASDAQ MGIC traded up $0.94 during trading on Friday, reaching $16.05. 143,873 shares of the company's stock were exchanged, compared to its average volume of 55,807. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. Magic Software Enterprises has a fifty-two week low of $9.51 and a fifty-two week high of $16.50. The company's fifty day simple moving average is $13.82 and its 200-day simple moving average is $12.86. The firm has a market capitalization of $788.04 million, a PE ratio of 22.93 and a beta of 0.99.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its 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 firm 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 year.

Institutional Investors Weigh In On Magic Software Enterprises

Several institutional investors and hedge funds have recently made changes to their positions in MGIC. Harel Insurance Investments & Financial Services Ltd. bought a new position in Magic Software Enterprises in the first quarter worth approximately $35,911,000. Truffle Hound Capital LLC purchased a new position in shares of Magic Software Enterprises in the fourth quarter valued at $5,173,000. Bank of New York Mellon Corp purchased a new position in shares of Magic Software Enterprises in the fourth quarter valued at $1,392,000. JPMorgan Chase & Co. boosted its stake in Magic Software Enterprises by 77.4% during the third quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker's stock valued at $1,101,000 after buying an additional 40,642 shares during the period. Finally, Y.D. More Investments Ltd lifted its stake in Magic Software Enterprises by 22.1% during the first quarter. Y.D. More Investments Ltd now owns 174,366 shares of the software maker's stock worth $2,240,000 after purchasing an additional 31,527 shares during the last quarter. Institutional investors and hedge funds own 24.70% of the company's stock.

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.