Magic Software Enterprises (NASDAQ:MGIC) Stock Rating Lowered by William Blair

Magic Software Enterprises (NASDAQ:MGIC) was downgraded by analysts at William Blair from an “outperform” rating to a “market perform” rating in a research note issued on Wednesday, MarketBeat reports.

Other research analysts have also issued reports about the company. StockNews.com lowered Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 26th. Barclays raised their price objective on Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th.

Magic Software Enterprises Price Performance

NASDAQ:MGIC opened at $13.72 on Wednesday. Magic Software Enterprises has a 12-month low of $9.51 and a 12-month high of $14.04. The company’s 50-day moving average is $12.61 and its two-hundred day moving average is $11.85. The firm has a market cap of $673.64 million, a price-to-earnings ratio of 19.60 and a beta of 1.11. 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 issued its quarterly earnings results on Tuesday, March 11th. The software maker reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $137.00 million. Research analysts expect that Magic Software Enterprises will post 0.95 EPS for the current year.

Hedge Funds Weigh In On Magic Software Enterprises

A number of hedge funds have recently made changes to their positions in MGIC. IFP Advisors Inc increased its holdings in Magic Software Enterprises by 100.0% in the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock valued at $48,000 after purchasing an additional 2,000 shares in the last quarter. Barclays PLC raised its holdings in shares of Magic Software Enterprises by 4,274.4% during the 3rd 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 position in Magic Software Enterprises during the 3rd quarter worth approximately $115,000. Altshuler Shaham Ltd purchased a new position in Magic Software Enterprises in the 4th quarter worth approximately $138,000. Finally, Man Group plc acquired a new stake in Magic Software Enterprises in the fourth quarter valued at approximately $145,000. Hedge funds and other institutional investors own 24.70% of the company’s stock.

About Magic Software Enterprises

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.