Zacks Investment Research lowered shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) from a buy rating to a hold rating in a report released on Wednesday.
According to Zacks, “Magic Software Enterprises, a member of the Formula Group, develops, markets and supports software development and deployment technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners. (PRESS RELEASE) “
Several other brokerages have also issued reports on MGIC. ValuEngine upgraded shares of Magic Software Enterprises from a hold rating to a buy rating in a research report on Monday, September 11th. HC Wainwright set a $10.00 target price on shares of Magic Software Enterprises and gave the company a buy rating in a research report on Thursday, August 10th. Finally, BidaskClub upgraded shares of Magic Software Enterprises from a sell rating to a hold rating in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $9.69.
Magic Software Enterprises (MGIC) opened at 9.40 on Wednesday. The company has a market capitalization of $414.84 million, a P/E ratio of 34.81 and a beta of 0.67. The company has a 50-day moving average of $8.60 and a 200 day moving average of $8.12. Magic Software Enterprises has a 12-month low of $6.65 and a 12-month high of $9.50.
Magic Software Enterprises (NASDAQ:MGIC) last announced its earnings results on Wednesday, August 9th. The software maker reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.01. The company had revenue of $65.50 million during the quarter, compared to analyst estimates of $52.65 million. Magic Software Enterprises had a net margin of 5.08% and a return on equity of 10.49%. The firm’s quarterly revenue was up 38.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.12 earnings per share. Equities research analysts forecast that Magic Software Enterprises will post $0.56 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its position in shares of Magic Software Enterprises by 11.2% in the second quarter. Dimensional Fund Advisors LP now owns 19,858 shares of the software maker’s stock worth $158,000 after purchasing an additional 2,000 shares during the period. AXA bought a new position in shares of Magic Software Enterprises in the second quarter worth approximately $176,000. Bank of New York Mellon Corp bought a new position in shares of Magic Software Enterprises in the second quarter worth approximately $544,000. Edmond DE Rothschild Holding S.A. boosted its position in shares of Magic Software Enterprises by 3.5% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 73,000 shares of the software maker’s stock worth $569,000 after purchasing an additional 2,500 shares during the period. Finally, Eagle Global Advisors LLC boosted its position in shares of Magic Software Enterprises by 12.7% in the second quarter. Eagle Global Advisors LLC now owns 79,783 shares of the software maker’s stock worth $634,000 after purchasing an additional 9,000 shares during the period. Institutional investors and hedge funds own 8.99% of the company’s stock.
About Magic Software Enterprises
Magic Software Enterprises Ltd. is a provider of application development, business process integration platforms, vertical software solutions and related professional services. The Company is a vendor of information technology (IT) outsourcing services. Its software technology is used by customers to develop, deploy and integrate on premise, mobile and cloud-based business.
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