Magic Software Enterprises (NASDAQ:MGIC) Rating Increased to Strong-Buy at StockNews.com

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

Separately, Barclays increased their price target on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th.

Magic Software Enterprises Stock Up 0.6 %

Shares of NASDAQ:MGIC opened at $11.98 on Friday. 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 firm has a market cap of $588.22 million, a P/E ratio of 17.11 and a beta of 1.09. Magic Software Enterprises has a 12 month low of $9.00 and a 12 month high of $13.40. The company’s 50-day moving average price is $11.35 and its two-hundred day moving average price is $10.93.

Institutional Trading of Magic Software Enterprises

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGIC. Copeland Capital Management LLC acquired a new position in Magic Software Enterprises during the 3rd quarter valued at about $47,000. Barclays PLC raised its stake in shares of Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after buying an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Magic Software Enterprises in the third quarter valued at approximately $115,000. Tidal Investments LLC boosted 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 acquiring an additional 1,278 shares during the last quarter. Finally, Acadian Asset Management LLC grew its holdings in Magic Software Enterprises by 2,254.6% during the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after acquiring an additional 65,540 shares during the period. 24.70% of the stock is currently 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.