Magic Software Enterprises (NASDAQ:MGIC) Lowered to “Buy” Rating by StockNews.com

Magic Software Enterprises (NASDAQ:MGIC) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Saturday.

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

Magic Software Enterprises Trading Down 0.3 %

MGIC opened at $12.26 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76. Magic Software Enterprises has a fifty-two week low of $9.36 and a fifty-two week high of $13.40. The company’s 50 day moving average price is $11.45 and its two-hundred day moving average price is $11.00. The firm has a market capitalization of $601.97 million, a price-to-earnings ratio of 17.51 and a beta of 1.09.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC raised its stake in Magic Software Enterprises by 2,254.6% during the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after buying an additional 65,540 shares during the last quarter. Y.D. More Investments Ltd acquired a new stake in Magic Software Enterprises during the 2nd quarter worth about $1,451,000. Dimensional Fund Advisors LP raised its position in shares of Magic Software Enterprises by 14.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock worth $2,201,000 after acquiring an additional 29,635 shares in the last quarter. Inspire Investing LLC acquired a new position in shares of Magic Software Enterprises in the 3rd quarter valued at about $880,000. Finally, Copeland Capital Management LLC bought a new stake in shares of Magic Software Enterprises during the 3rd quarter valued at about $47,000. Institutional investors and hedge funds own 24.70% of the company’s stock.

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.