Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) was upgraded by StockNews.com from a "buy" rating to a "strong-buy" rating in a report released on Wednesday.
Separately, Barclays increased their price objective on Magic Software Enterprises from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Tuesday.
Read Our Latest Research Report on MGIC
Magic Software Enterprises Stock Down 0.4 %
Shares of Magic Software Enterprises stock traded down $0.04 during trading on Wednesday, hitting $10.92. 30,553 shares of the stock were exchanged, compared to its average volume of 53,818. The stock has a market cap of $536.17 million, a price-to-earnings ratio of 16.15 and a beta of 1.08. The firm's 50-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 1.66 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 Trading of Magic Software Enterprises
Institutional investors have recently added to or reduced their stakes in the stock. Copeland Capital Management LLC purchased a new stake in Magic Software Enterprises during the third quarter worth approximately $47,000. Barclays PLC increased its holdings 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 in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Magic Software Enterprises in the third quarter valued at about $115,000. CANADA LIFE ASSURANCE Co lifted its stake in shares of Magic Software Enterprises by 722.2% during the first 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 in the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in shares of Magic Software Enterprises in the first quarter worth about $593,000. Hedge funds and other institutional investors own 24.70% of the company's stock.
About Magic Software Enterprises
(
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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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