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Magic Software Enterprises (NASDAQ:MGIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, October 10th.
According to Zacks, “Magic Software Enterprises, a member of the Formula Group, develops, markets and supports software development and deployment technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners. (PRESS RELEASE) “
Other equities research badysts also recently issued research reports about the stock. BidaskClub upgraded shares of Magic Software Enterprises from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 23rd. HC Wainwright set a $10.00 target price on shares of Magic Software Enterprises and gave the stock a “buy” rating in a research report on Thursday, August 9th. Finally, Bank of America downgraded shares of Magic Software Enterprises from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 13th. One investment badyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $10.00.
MGIC stock traded down $0.06 during midday trading on Wednesday, reaching $8.52. The company had a trading volume of 162 shares, compared to its average volume of 29,812. Magic Software Enterprises has a 1 year low of $7.75 and a 1 year high of $9.25. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. The company has a market cap of $414.44 million, a price-to-earnings ratio of 18.61 and a beta of 0.76.
Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Wednesday, August 8th. The software maker reported $0.16 earnings per share (EPS) for the quarter, topping badysts’ consensus estimates of $0.15 by $0.01. Magic Software Enterprises had a net margin of 6.59% and a return on equity of 10.92%. The company had revenue of $70.22 million during the quarter, compared to the consensus estimate of $72.45 million. On average, research badysts anticipate that Magic Software Enterprises will post 0.6 EPS for the current year.
Several institutional investors have recently added to or reduced their stakes in MGIC. Jane Street Group LLC bought a new position in shares of Magic Software Enterprises during the 2nd quarter valued at $259,000. Ramsey Quantitative Systems raised its holdings in shares of Magic Software Enterprises by 54.4% during the 3rd quarter. Ramsey Quantitative Systems now owns 60,989 shares of the software maker’s stock valued at $518,000 after purchasing an additional 21,479 shares in the last quarter. Naples Global Advisors LLC raised its holdings in shares of Magic Software Enterprises by 21.9% during the 2nd quarter. Naples Global Advisors LLC now owns 99,991 shares of the software maker’s stock valued at $830,000 after purchasing an additional 17,934 shares in the last quarter. Segall Bryant & Hamill LLC bought a new position in shares of Magic Software Enterprises during the 2nd quarter valued at $2,288,000. Finally, Delek Group Ltd. raised its holdings in shares of Magic Software Enterprises by 105.1% during the 2nd quarter. Delek Group Ltd. now owns 366,684 shares of the software maker’s stock valued at $3,043,000 after purchasing an additional 187,943 shares in the last quarter. Institutional investors and hedge funds own 10.18% of the company’s stock.
About Magic Software Enterprises
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company’s Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.
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