Magic Software Enterprises (NASDAQ:MGIC) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from a buy rating to a strong-buy rating in a report released on Thursday.

Other equities research analysts also recently issued research reports about the company. William Blair downgraded Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Barclays increased their target price on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Thursday.

Magic Software Enterprises Price Performance

Magic Software Enterprises stock opened at $13.88 on Thursday. Magic Software Enterprises has a 12 month low of $9.51 and a 12 month high of $14.04. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The business’s 50 day simple moving average is $12.65 and its 200 day simple moving average is $11.88. The company has a market cap of $681.49 million, a price-to-earnings ratio of 19.83 and a beta of 1.11.

Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Tuesday, March 11th. The software maker reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.01). The company had revenue of $142.58 million for the quarter, compared to analysts’ expectations of $137.00 million. Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. Sell-side analysts forecast that Magic Software Enterprises will post 0.95 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Tidal Investments LLC increased its holdings in shares of Magic Software Enterprises by 4.6% in the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after purchasing an additional 1,278 shares during the period. IFP Advisors Inc increased its holdings in shares of Magic Software Enterprises by 100.0% in the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock worth $48,000 after purchasing an additional 2,000 shares during the period. Geode Capital Management LLC increased its holdings in shares of Magic Software Enterprises by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 58,105 shares of the software maker’s stock worth $699,000 after purchasing an additional 2,587 shares during the period. Barclays PLC increased its stake in Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after acquiring an additional 5,685 shares during the last quarter. Finally, Lazard Asset Management LLC increased its stake in Magic Software Enterprises by 45.5% in the fourth quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker’s stock valued at $226,000 after acquiring an additional 5,878 shares during the last quarter. Institutional investors 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.