Magic Software Enterprises (MGIC) Stock Rating Upgraded by BidaskClub

Magic Software Enterprises (NASDAQ: MGIC) was upgraded by stock badysts at BidaskClub from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday, October 13th.

Several other equities badysts have also recently weighed in the company. HC Wainwright set a $ 10.00 price objective on the Magic Software Companies and Gave the Company a "buy" rating in a research note on Thursday, August 9th. Zacks Investment Research upgraded to Magic Software Enterprises from a "hold" rating to a "buy" rating and set to $ 9.50 price. One research badyst has rated the value of a stock quote, and has had a hold on the stock. Magic Software Enterprises currently has an average rating of "Hold" and an average target price of $ 10.00.

Shares of MGIC traded up $ 0.04 during trading hours on Friday, reaching $ 8.47. The stock had a trading volume of 33,725 shares, compared to its average volume of 35,548. Magic Software Enterprises has 12 months of $ 7.75 and a 12 month 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 stock has a market cap of $ 412.97 million, a P / E ratio of 15.98 and a beta of 0.82.

Magic Software Enterprises (NASDAQ: MGIC) last issued its earnings on Wednesday, August 8th. The software maker reported $ 0.16 per share (EPS) for the quarter, topping badysts' consensus estimates of $ 0.15 by $ 0.01. Had a return on equity of 10.92% and a net margin of 6.59%. The company had revenue of $ 70.22 million for the quarter, compared to badysts' expectations of $ 72.45 million. On average, badysts expect that Magic Software Enterprises will post 0.6 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC purchased a new position in shares of Magic Software Enterprises during the third quarter valued at approximately $ 136,000. Jane Street Group LLC bought a new stake in Magic Software Enterprises in the second quarter worth $ 259,000. Ramsey Quantitative Systems grew its stake in Magic Software by 54.4% in the third quarter. Ramsey Quantitative Systems now owns 60,989 shares of the software maker's stock worth $ 518,000 after purchasing an additional 21,479 shares during the period. Naples Global Advisors LLC grew its stake in Magic Software by 21.9% in the second quarter. Naples Global Advisors LLC now owns 99,991 shares of the software maker's stock worth $ 830,000 after purchasing an additional 17,934 shares during the period. Finally, Segall Bryant & Hamill LLC bought a new stake in Magic Software Enterprises in the second quarter worth $ 2,288,000. 10.24% of the stock is currently owned by hedge funds and other institutional investors.

Magic Software Enterprises Company Profile

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 the proprietary and none proprietary application platform, software applications, and business process integration solutions and related services.

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