BidaskClub Upgrades Magic Software Enterprises Ltd. (NASDAQ:MGIC) to “Hold”

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was upgraded by research analysts at BidaskClub from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday, July 12th.

Several other analysts have also recently weighed in on MGIC. Barclays PLC reaffirmed an “overweight” rating and set a $10.00 price objective (up from $9.50) on shares of Magic Software Enterprises in a research note on Wednesday, May 17th. Zacks Investment Research lowered shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Tuesday, May 9th. Finally, Rodman & Renshaw reiterated a “buy” rating and set a $10.00 target price (up from $9.00) on shares of Magic Software Enterprises in a research report on Wednesday, May 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $9.63.

Magic Software Enterprises (MGIC) traded down 0.63% during midday trading on Wednesday, hitting $7.95. The stock had a trading volume of 15,491 shares. The company has a market cap of $350.85 million, a PE ratio of 29.44 and a beta of 0.64. The stock’s 50 day moving average price is $8.01 and its 200-day moving average price is $7.83. Magic Software Enterprises has a 52 week low of $6.51 and a 52 week high of $8.70.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Wednesday, August 9th. The software maker reported $0.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.01. The firm had revenue of $65.50 million for the quarter, compared to analysts’ expectations of $52.65 million. Magic Software Enterprises had a net margin of 5.08% and a return on equity of 10.59%. The company’s quarterly revenue was up 38.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.12 earnings per share. Equities research analysts predict that Magic Software Enterprises will post $0.54 earnings per share for the current year.

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Several institutional investors have recently made changes to their positions in MGIC. Dimensional Fund Advisors LP raised its position in shares of Magic Software Enterprises by 11.2% in the second quarter. Dimensional Fund Advisors LP now owns 19,858 shares of the software maker’s stock worth $158,000 after buying an additional 2,000 shares during the last quarter. Edmond DE Rothschild Holding S.A. raised its position in shares of Magic Software Enterprises by 3.5% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 73,000 shares of the software maker’s stock worth $569,000 after buying an additional 2,500 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Magic Software Enterprises by 0.5% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,067,991 shares of the software maker’s stock worth $8,491,000 after buying an additional 5,250 shares during the last quarter. Eagle Global Advisors LLC raised its position in shares of Magic Software Enterprises by 11.0% in the first quarter. Eagle Global Advisors LLC now owns 70,783 shares of the software maker’s stock worth $552,000 after buying an additional 7,000 shares during the last quarter. Finally, Brandes Investment Partners LP raised its position in shares of Magic Software Enterprises by 65.7% in the first quarter. Brandes Investment Partners LP now owns 18,210 shares of the software maker’s stock valued at $142,000 after buying an additional 7,221 shares in the last quarter. Institutional investors own 10.24% of the company’s stock.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. is a provider of application development, business process integration platforms, vertical software solutions and related professional services. The Company is a vendor of information technology (IT) outsourcing services. Its software technology is used by customers to develop, deploy and integrate on premise, mobile and cloud-based business.

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