Magic Software Enterprises (NASDAQ:MGIC) Rating Lowered to “Market Perform” at William Blair

Magic Software Enterprises (NASDAQ:MGIC) was downgraded by research analysts at William Blair from an “outperform” rating to a “market perform” rating in a report released on Wednesday,Briefing.com Automated Import reports.

Several other research firms also recently commented on MGIC. StockNews.com downgraded Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 26th. Barclays increased their price objective on Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th.

Magic Software Enterprises Stock Performance

MGIC stock opened at $13.39 on Wednesday. The firm has a market cap of $657.44 million, a PE ratio of 19.13 and a beta of 1.11. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average of $12.54 and a 200-day moving average of $11.82. Magic Software Enterprises has a 12-month low of $9.51 and a 12-month high of $14.04.

Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Tuesday, March 11th. The software maker reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.01). The business had revenue of $142.58 million during the quarter, compared to the consensus estimate of $137.00 million. Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. As a group, sell-side analysts expect that Magic Software Enterprises will post 0.95 earnings per share for the current year.

Institutional Investors Weigh In On Magic Software Enterprises

Institutional investors and hedge funds have recently made changes to their positions in the business. IFP Advisors Inc raised its position in shares of Magic Software Enterprises by 100.0% in the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock worth $48,000 after buying an additional 2,000 shares in 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 acquiring an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Magic Software Enterprises in the third quarter valued at $115,000. Altshuler Shaham Ltd bought a new position in Magic Software Enterprises in the fourth quarter valued at $138,000. Finally, Man Group plc bought a new position in Magic Software Enterprises in the fourth quarter valued at $145,000. Hedge funds and other institutional investors 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.