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

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) was upgraded by equities researchers at StockNews.com from a "buy" rating to a "strong-buy" rating in a note issued to investors on Thursday.

A number of other research firms have also issued reports on MGIC. William Blair lowered Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research note on Wednesday. Barclays upped their price objective on Magic Software Enterprises from $15.00 to $16.00 and gave the company an "overweight" rating in a research report on Thursday.

Magic Software Enterprises Price Performance

Shares of NASDAQ MGIC traded down $0.27 during midday trading on Thursday, hitting $13.72. The company had a trading volume of 46,532 shares, compared to its average volume of 54,981. The firm has a market capitalization of $673.64 million, a price-to-earnings ratio of 19.60 and a beta of 1.11. Magic Software Enterprises has a twelve month low of $9.51 and a twelve month high of $14.04. The business has a 50-day simple moving average of $12.61 and a two-hundred day simple moving average of $11.85. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13.

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Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last released 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 during the quarter, compared to analysts' expectations of $137.00 million. Equities research analysts anticipate that Magic Software Enterprises will post 0.95 earnings per share for the current year.

Institutional Trading of Magic Software Enterprises

A number of hedge funds have recently bought and sold shares of MGIC. IFP Advisors Inc raised its holdings in Magic Software Enterprises by 100.0% in the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock valued at $48,000 after acquiring an additional 2,000 shares during the last quarter. Barclays PLC increased its stake 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. Public Employees Retirement System of Ohio purchased a new position in Magic Software Enterprises during the third quarter worth about $115,000. Altshuler Shaham Ltd acquired a new stake in Magic Software Enterprises in the 4th quarter worth about $138,000. Finally, Man Group plc purchased a new stake in Magic Software Enterprises in the 4th quarter valued at about $145,000. Institutional investors and hedge funds own 24.70% of the company's stock.

About Magic Software Enterprises

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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