Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) was downgraded by equities researchers at StockNews.com from a "strong-buy" rating to a "buy" rating in a report issued on Saturday.
Separately, Barclays increased their price objective on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Tuesday, November 19th.
Get Our Latest Research Report on Magic Software Enterprises
Magic Software Enterprises Stock Performance
Magic Software Enterprises stock traded down $0.04 during trading hours on Friday, hitting $12.26. The stock had a trading volume of 23,779 shares, compared to its average volume of 55,044. The company has a 50-day moving average of $11.45 and a two-hundred day moving average of $11.00. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. Magic Software Enterprises has a fifty-two week low of $9.36 and a fifty-two week high of $13.40. The company has a market cap of $601.97 million, a PE ratio of 17.51 and a beta of 1.09.
Hedge Funds Weigh In On Magic Software Enterprises
Several hedge funds and other institutional investors have recently modified their holdings of MGIC. Dimensional Fund Advisors LP grew its position in Magic Software Enterprises by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker's stock valued at $2,201,000 after acquiring an additional 29,635 shares during the period. Y.D. More Investments Ltd bought a new stake in shares of Magic Software Enterprises in the 2nd quarter worth about $1,451,000. Assenagon Asset Management S.A. acquired a new stake in shares of Magic Software Enterprises during the 3rd quarter worth about $1,675,000. Inspire Investing LLC bought a new position in Magic Software Enterprises during the 3rd quarter valued at about $880,000. Finally, Acadian Asset Management LLC lifted its holdings in Magic Software Enterprises by 2,254.6% during the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker's stock valued at $653,000 after purchasing an additional 65,540 shares during the last quarter. Institutional investors own 24.70% of the company's stock.
About Magic Software Enterprises
(
Get Free Report)
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.
Recommended Stories
Before you consider Magic Software Enterprises, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Magic Software Enterprises wasn't on the list.
While Magic Software Enterprises currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat's analysts have just released their top five short plays for December 2024. Learn which stocks have the most short interest and how to trade them. Click the link below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
