Barclays Increases Magic Software Enterprises (NASDAQ:MGIC) Price Target to $16.00

Magic Software Enterprises (NASDAQ:MGIC) had its target price hoisted by investment analysts at Barclays from $15.00 to $16.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. Barclays‘s price target would indicate a potential upside of 15.27% from the company’s previous close.

A number of other research analysts also recently commented on MGIC. William Blair downgraded Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research note on Wednesday. StockNews.com cut Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 26th.

Magic Software Enterprises Trading Up 1.2 %

Shares of Magic Software Enterprises stock opened at $13.88 on Thursday. The business has a fifty day simple moving average of $12.65 and a two-hundred day simple moving average of $11.87. Magic Software Enterprises has a 1 year low of $9.51 and a 1 year high of $14.04. The company has a market capitalization of $681.49 million, a price-to-earnings ratio of 19.83 and a beta of 1.11. 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 (NASDAQ:MGIC) last posted its earnings results on Tuesday, March 11th. The software maker reported $0.24 earnings per share 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 firm had revenue of $142.58 million for the quarter, compared to analyst estimates of $137.00 million. Research analysts forecast that Magic Software Enterprises will post 0.95 EPS for the current year.

Institutional Trading of Magic Software Enterprises

Several institutional investors have recently added to or reduced their stakes in the stock. Truffle Hound Capital LLC acquired a new position in Magic Software Enterprises in the fourth quarter valued at approximately $5,173,000. Bank of New York Mellon Corp acquired a new position in shares of Magic Software Enterprises during the fourth quarter worth approximately $1,392,000. JPMorgan Chase & Co. grew its holdings in Magic Software Enterprises by 77.4% during the third quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock worth $1,101,000 after buying an additional 40,642 shares in the last quarter. Heron Bay Capital Management bought a new stake in Magic Software Enterprises during the fourth quarter worth $183,000. Finally, Truist Financial Corp bought a new stake in Magic Software Enterprises during the fourth quarter worth $189,000. 24.70% of the stock is currently owned by institutional investors.

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.