Magic Software Enterprises (NASDAQ:MGIC) Stock Rating Upgraded by StockNews.com

Magic Software Enterprises (NASDAQ:MGIC) was upgraded by investment analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Wednesday.

Separately, Barclays raised their target price on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday.

Magic Software Enterprises Stock Down 0.5 %

Shares of MGIC stock opened at $10.96 on Wednesday. The stock has a market cap of $538.14 million, a P/E ratio of 16.12 and a beta of 1.08. The stock has a fifty day moving average price of $11.29 and a 200 day moving average price of $10.97. Magic Software Enterprises has a one year low of $8.40 and a one year high of $12.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.66 and a quick ratio of 1.66.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MGIC. Copeland Capital Management LLC bought a new stake in shares of Magic Software Enterprises during the 3rd quarter valued at $47,000. Barclays PLC increased its stake in shares of 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 buying an additional 5,685 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Magic Software Enterprises in the third quarter valued at about $115,000. CANADA LIFE ASSURANCE Co increased its stake in shares of Magic Software Enterprises by 722.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock valued at $177,000 after buying an additional 13,469 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Magic Software Enterprises by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after buying an additional 29,635 shares during the period. 24.70% of the stock is owned by institutional investors and hedge funds.

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.