Magic Software Enterprises (NASDAQ:MGIC) Upgraded to Strong-Buy at StockNews.com

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) was upgraded by StockNews.com from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Thursday.

MGIC has been the subject of a number of other research reports. William Blair downgraded Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research report on Wednesday. Barclays boosted their target price on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a research report on Thursday.

Magic Software Enterprises Price Performance

Shares of NASDAQ MGIC traded up $0.16 during midday trading on Thursday, hitting $13.88. 85,100 shares of the company's stock were exchanged, compared to its average volume of 54,433. Magic Software Enterprises has a 12-month low of $9.51 and a 12-month high of $14.04. 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 company has a market cap of $681.49 million, a price-to-earnings ratio of 19.83 and a beta of 1.11. The business's fifty day moving average price is $12.65 and its two-hundred day moving average price is $11.88.

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Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last issued its quarterly earnings data on Tuesday, March 11th. The software maker reported $0.24 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 business had revenue of $142.58 million for the quarter, compared to analysts' expectations of $137.00 million. As a group, research analysts forecast that Magic Software Enterprises will post 0.95 EPS for the current fiscal year.

Institutional Trading of Magic Software Enterprises

Hedge funds and other institutional investors have recently bought and sold shares of the stock. IFP Advisors Inc lifted its position in 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 last quarter. JPMorgan Chase & Co. lifted its position in Magic Software Enterprises by 77.4% in the third quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker's stock valued at $1,101,000 after purchasing an additional 40,642 shares during the last quarter. Barclays PLC lifted its position in Magic Software Enterprises by 4,274.4% in the third 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 during the last quarter. Truist Financial Corp purchased a new position in shares of Magic Software Enterprises during the fourth quarter valued at approximately $189,000. Finally, Tidal Investments LLC increased its stake in shares of Magic Software Enterprises by 4.6% during the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker's stock valued at $342,000 after buying an additional 1,278 shares during the period. Institutional investors own 24.70% of the company's stock.

Magic Software Enterprises Company Profile

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.