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

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

Magic Software Enterprises Stock Up 1.0 %

NASDAQ MGIC opened at $11.24 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.66 and a quick ratio of 1.66. Magic Software Enterprises has a 1 year low of $8.40 and a 1 year high of $12.99. The business’s 50-day moving average is $11.24 and its 200 day moving average is $10.99. The stock has a market capitalization of $551.88 million, a PE ratio of 16.53 and a beta of 1.08.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Wednesday, August 14th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.22 by $0.02. Magic Software Enterprises had a net margin of 6.41% and a return on equity of 15.63%. The business had revenue of $136.25 million during the quarter, compared to analyst estimates of $132.10 million. During the same period last year, the business posted $0.28 earnings per share. Sell-side analysts forecast that Magic Software Enterprises will post 0.95 earnings per share for the current year.

Institutional Trading of Magic Software Enterprises

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its holdings in 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 worth $2,201,000 after buying an additional 29,635 shares during the period. Y.D. More Investments Ltd purchased a new position in shares of Magic Software Enterprises during the second quarter valued at approximately $1,451,000. Assenagon Asset Management S.A. purchased a new position in shares of Magic Software Enterprises during the third quarter valued at approximately $1,675,000. Inspire Investing LLC purchased a new position in shares of Magic Software Enterprises during the third quarter valued at approximately $880,000. Finally, Acadian Asset Management LLC lifted its holdings in shares of 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 valued at $653,000 after purchasing an additional 65,540 shares during the last quarter. 24.70% of the stock is currently owned by hedge funds and other institutional investors.

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.