Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) was upgraded by analysts at StockNews.com from a "buy" rating to a "strong-buy" rating in a research report issued on Friday.
Separately, Barclays boosted their price target on Magic Software Enterprises from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Tuesday, November 19th.
Check Out Our Latest Analysis on MGIC
Magic Software Enterprises Stock Up 1.7 %
Shares of MGIC stock traded up $0.20 during trading on Friday, hitting $12.18. 29,432 shares of the company were exchanged, compared to its average volume of 55,295. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. Magic Software Enterprises has a twelve month low of $9.00 and a twelve month high of $13.40. The business's 50-day simple moving average is $11.36 and its 200 day simple moving average is $10.93. The firm has a market capitalization of $598.03 million, a price-to-earnings ratio of 17.40 and a beta of 1.09.
Institutional Trading of Magic Software Enterprises
A number of hedge funds have recently modified their holdings of the company. Tidal Investments LLC grew its stake in Magic Software Enterprises by 4.6% in the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker's stock valued at $342,000 after acquiring an additional 1,278 shares during the period. Barclays PLC boosted its holdings in Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker's stock worth $69,000 after purchasing an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Magic Software Enterprises in the third quarter valued at about $115,000. Assenagon Asset Management S.A. bought a new stake in shares of Magic Software Enterprises during the 3rd quarter worth approximately $1,675,000. Finally, Copeland Capital Management LLC bought a new stake in Magic Software Enterprises during the third quarter worth $47,000. 24.70% of the stock is currently owned by institutional investors and hedge funds.
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.
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