Magic Software Enterprises (NASDAQ:MGIC) Upgraded at StockNews.com

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

Separately, Barclays raised their price target on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Tuesday.

Magic Software Enterprises Stock Performance

Shares of MGIC opened at $10.99 on Wednesday. The stock has a market capitalization of $539.61 million, a PE ratio of 15.60 and a beta of 1.08. The business’s fifty day moving average price is $11.30 and its 200 day moving average price is $10.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.66. Magic Software Enterprises has a 12-month low of $8.40 and a 12-month high of $12.99.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGIC. Copeland Capital Management LLC acquired a new position in shares of Magic Software Enterprises during the third quarter valued at $47,000. Barclays PLC lifted its position in Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after purchasing an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Magic Software Enterprises during the 3rd quarter valued at about $115,000. CANADA LIFE ASSURANCE Co grew its position in Magic Software Enterprises by 722.2% in 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. Finally, Quadrature Capital Ltd acquired a new stake in shares of Magic Software Enterprises in the first quarter valued at approximately $593,000. 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.