Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) was downgraded by research analysts at StockNews.com from a "strong-buy" rating to a "buy" rating in a research note issued on Thursday.
Separately, Barclays lifted their price objective 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.
View Our Latest Analysis on MGIC
Magic Software Enterprises Stock Up 6.3 %
NASDAQ:MGIC traded up $0.71 during midday trading on Thursday, reaching $11.95. The company had a trading volume of 354,323 shares, compared to its average volume of 54,555. Magic Software Enterprises has a 12-month low of $9.00 and a 12-month high of $12.99. The firm has a market capitalization of $586.75 million, a price-to-earnings ratio of 17.07 and a beta of 1.08. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The stock's fifty day simple moving average is $11.29 and its 200-day simple moving average is $10.93.
Hedge Funds Weigh In On Magic Software Enterprises
A number of institutional investors and hedge funds have recently modified their holdings of the company. Copeland Capital Management LLC purchased a new stake in Magic Software Enterprises during the 3rd quarter worth about $47,000. Barclays PLC raised its position 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 worth $69,000 after acquiring an additional 5,685 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Magic Software Enterprises during the third quarter worth approximately $115,000. CANADA LIFE ASSURANCE Co boosted its holdings in Magic Software Enterprises by 722.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker's stock valued at $177,000 after purchasing an additional 13,469 shares in the last quarter. Finally, Tidal Investments LLC increased 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 purchasing an additional 1,278 shares during the last quarter. Institutional investors and hedge funds 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.
Featured 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
As the AI market heats up, investors who have a vision for artificial intelligence have the potential to see real returns. Learn about the industry as a whole as well as seven companies that are getting work done with the power of AI.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
