Magic Software Enterprises (NASDAQ:MGIC) Rating Lowered to Hold at BidaskClub

BidaskClub downgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from a buy rating to a hold rating in a report issued on Tuesday morning, BidAskClub reports.

A number of other research analysts have also weighed in on the stock. HC Wainwright raised their price objective on shares of Magic Software Enterprises from $10.00 to $11.00 and gave the company a buy rating in a research note on Friday, November 15th. ValuEngine raised shares of Magic Software Enterprises from a sell rating to a hold rating in a research report on Monday, December 16th. Finally, Zacks Investment Research lowered shares of Magic Software Enterprises from a buy rating to a hold rating in a research report on Wednesday, January 15th.

Shares of NASDAQ MGIC opened at $11.13 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.21 and a current ratio of 3.21. Magic Software Enterprises has a 52-week low of $7.90 and a 52-week high of $11.46. The firm has a 50 day moving average price of $10.14 and a two-hundred day moving average price of $9.46. The stock has a market cap of $553.87 million, a P/E ratio of 19.86 and a beta of 0.88.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings data on Thursday, November 14th. The software maker reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.02. The company had revenue of $85.84 million during the quarter, compared to analysts’ expectations of $80.05 million. Magic Software Enterprises had a net margin of 6.41% and a return on equity of 10.95%. Analysts predict that Magic Software Enterprises will post 0.59 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in MGIC. BlackRock Inc. lifted its holdings in shares of Magic Software Enterprises by 286.9% in the 2nd quarter. BlackRock Inc. now owns 6,310 shares of the software maker’s stock worth $57,000 after acquiring an additional 4,679 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Magic Software Enterprises by 21.1% in the 2nd quarter. Morgan Stanley now owns 8,425 shares of the software maker’s stock worth $76,000 after acquiring an additional 1,466 shares during the last quarter. Yorktown Management & Research Co Inc bought a new stake in shares of Magic Software Enterprises in the 3rd quarter worth approximately $206,000. Naples Global Advisors LLC lifted its holdings in shares of Magic Software Enterprises by 7.8% in the 3rd quarter. Naples Global Advisors LLC now owns 150,849 shares of the software maker’s stock worth $1,386,000 after acquiring an additional 10,850 shares during the last quarter. Finally, Phoenix Holdings Ltd. bought a new stake in shares of Magic Software Enterprises in the 3rd quarter worth approximately $2,495,000. Hedge funds and other institutional investors own 10.69% of the company’s stock.

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

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