Magic Software Enterprises (NASDAQ:MGIC) Price Target Raised to $16.00

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) had its target price upped by Barclays from $15.00 to $16.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the software maker's stock. Barclays's price objective points to a potential upside of 15.27% from the company's current price.

A number of other research analysts also recently weighed in on MGIC. StockNews.com downgraded Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, February 26th. William Blair lowered shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research note on Wednesday.

Magic Software Enterprises Trading Up 1.2 %

MGIC traded up $0.16 during trading on Thursday, hitting $13.88. The company's stock had a trading volume of 85,100 shares, compared to its average volume of 54,637. The firm has a market capitalization of $681.49 million, a P/E ratio of 19.83 and a beta of 1.11. Magic Software Enterprises has a twelve month low of $9.51 and a twelve month high of $14.04. The stock's fifty day moving average price is $12.65 and its 200-day moving average price is $11.87. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13.

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Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last issued 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). Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. The company had revenue of $142.58 million for the quarter, compared to the consensus estimate of $137.00 million. Analysts anticipate that Magic Software Enterprises will post 0.95 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGIC. Tidal Investments LLC boosted its holdings in shares of Magic Software Enterprises by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 28,917 shares of the software maker's stock worth $342,000 after buying an additional 1,278 shares during the last quarter. IFP Advisors Inc raised its position 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 valued at $48,000 after purchasing an additional 2,000 shares during the period. Geode Capital Management LLC raised its position 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 valued at $699,000 after purchasing an additional 2,587 shares during the period. Barclays PLC lifted its stake in shares of Magic Software Enterprises by 4,274.4% during the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker's stock valued at $69,000 after buying an additional 5,685 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its holdings in Magic Software Enterprises by 45.5% in the 4th quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker's stock worth $226,000 after buying an additional 5,878 shares during the period. 24.70% of the stock is currently owned by hedge funds and other institutional investors.

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.