Magic Software Enterprises (NASDAQ:MGIC) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen cut shares of Magic Software Enterprises (NASDAQ:MGIC) from a buy rating to a hold rating in a report released on Saturday morning.

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Magic Software Enterprises in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $18.00.

Magic Software Enterprises Stock Performance

Shares of NASDAQ:MGIC opened at $17.38 on Friday. The company has a market capitalization of $853.36 million, a price-to-earnings ratio of 21.46 and a beta of 0.73. Magic Software Enterprises has a 52 week low of $11.65 and a 52 week high of $28.00. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average of $24.07 and a 200 day moving average of $22.48.

Hedge Funds Weigh In On Magic Software Enterprises

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jane Street Group LLC grew its position in Magic Software Enterprises by 126.5% during the 1st quarter. Jane Street Group LLC now owns 32,028 shares of the software maker’s stock worth $416,000 after purchasing an additional 17,887 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in shares of Magic Software Enterprises in the second quarter worth $298,000. Corton Capital Inc. acquired a new stake in shares of Magic Software Enterprises during the second quarter worth $286,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Magic Software Enterprises during the second quarter worth $377,000. Finally, Acadian Asset Management LLC grew its holdings in shares of Magic Software Enterprises by 17.3% during the second quarter. Acadian Asset Management LLC now owns 184,925 shares of the software maker’s stock valued at $3,525,000 after buying an additional 27,294 shares during the last quarter. 24.70% of the stock is owned by hedge funds and other institutional investors.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. is a global provider of enterprise software solutions that enable organizations to develop, integrate and manage business applications across cloud and on-premises environments. Serving clients in industries such as financial services, healthcare, manufacturing and distribution, the company’s platforms are designed to accelerate digital transformation by streamlining the creation of web, desktop and mobile applications while ensuring seamless data flow between disparate systems.

The company’s flagship offering, the Magic xpa Application Platform, provides a low-code development environment that simplifies the design, deployment and maintenance of enterprise applications.