BidaskClub cut shares of Magic Software Enterprises (NASDAQ:MGIC) from a hold rating to a sell rating in a research report report published on Wednesday morning.
Other research analysts have also issued research reports about the company. Zacks Investment Research raised Magic Software Enterprises from a hold rating to a buy rating and set a $9.50 target price for the company in a report on Tuesday, August 14th. HC Wainwright set a $10.00 target price on Magic Software Enterprises and gave the company a buy rating in a report on Thursday, August 9th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $9.75.
MGIC stock opened at $7.86 on Wednesday. The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 0.10. The stock has a market cap of $384.21 million, a price-to-earnings ratio of 14.33 and a beta of 0.80. Magic Software Enterprises has a twelve month low of $7.75 and a twelve month high of $9.25.
Hedge funds have recently bought and sold shares of the business. Acadian Asset Management LLC purchased a new position in Magic Software Enterprises during the 3rd quarter valued at about $136,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Magic Software Enterprises during the 3rd quarter valued at about $139,000. Jane Street Group LLC purchased a new position in Magic Software Enterprises during the 2nd quarter valued at about $259,000. Virtu Financial LLC purchased a new position in Magic Software Enterprises during the 3rd quarter valued at about $455,000. Finally, Ramsey Quantitative Systems grew its holdings in Magic Software Enterprises by 54.4% during the 3rd quarter. Ramsey Quantitative Systems now owns 60,989 shares of the software maker’s stock valued at $518,000 after buying an additional 21,479 shares in the last quarter. 14.73% of the stock is owned by institutional investors and hedge funds.
About Magic Software Enterprises
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.
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