Magic Software Enterprises (NASDAQ:MGIC) Upgraded to “Strong-Buy” at StockNews.com

Magic Software Enterprises (NASDAQ:MGIC) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Wednesday.

Magic Software Enterprises Trading Up 2.6 %

Shares of MGIC stock opened at $10.81 on Wednesday. Magic Software Enterprises has a 1-year low of $8.15 and a 1-year high of $12.99. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.69 and a quick ratio of 1.69. The business’s fifty day moving average price is $10.55 and its 200 day moving average price is $11.06. The firm has a market capitalization of $530.76 million, a PE ratio of 14.81 and a beta of 1.06.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings results on Wednesday, August 14th. The software maker reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. Magic Software Enterprises had a net margin of 6.83% and a return on equity of 16.36%. The business had revenue of $136.25 million for the quarter, compared to analysts’ expectations of $132.10 million. During the same period in the prior year, the company posted $0.28 EPS. As a group, sell-side analysts forecast that Magic Software Enterprises will post 0.95 EPS for the current fiscal year.

Hedge Funds Weigh In On Magic Software Enterprises

Several hedge funds have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Magic Software Enterprises by 61.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock valued at $58,000 after acquiring an additional 2,263 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Magic Software Enterprises by 1.6% during the 4th quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker’s stock worth $6,622,000 after purchasing an additional 11,010 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its position in shares of Magic Software Enterprises by 722.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock worth $177,000 after purchasing an additional 13,469 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Magic Software Enterprises by 14.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after buying an additional 29,635 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Magic Software Enterprises during the 1st quarter valued at $593,000. 24.70% of the stock is owned by hedge funds and other institutional investors.

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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.