Magic Software Enterprises (NASDAQ:MGIC) Upgraded at StockNews.com

StockNews.com upgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from a buy rating to a strong-buy rating in a research note issued to investors on Thursday morning.

A number of other analysts have also commented on MGIC. William Blair lowered 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 company an “overweight” rating in a research report on Thursday.

Magic Software Enterprises Stock Up 1.2 %

Shares of MGIC opened at $13.88 on Thursday. The company has a market capitalization of $681.49 million, a PE ratio of 19.83 and a beta of 1.11. Magic Software Enterprises has a 12 month low of $9.51 and a 12 month high of $14.04. The stock’s 50-day moving average price is $12.65 and its two-hundred day moving average price is $11.88. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings data on Tuesday, March 11th. The software maker reported $0.24 earnings per share 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 the consensus estimate of $137.00 million. On average, analysts anticipate that Magic Software Enterprises will post 0.95 EPS for the current year.

Institutional Trading of Magic Software Enterprises

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc boosted its stake in shares of Magic Software Enterprises by 100.0% in the 4th 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 during the last quarter. JPMorgan Chase & Co. lifted its stake 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 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. Truist Financial Corp purchased a new position in Magic Software Enterprises in the fourth quarter valued at approximately $189,000. Finally, Tidal Investments LLC lifted its stake in Magic Software Enterprises by 4.6% in the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock valued at $342,000 after purchasing an additional 1,278 shares during the last quarter. 24.70% of the stock is owned by institutional investors.

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.