Magic Software Enterprises (NASDAQ:MGIC) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from a sell rating to a hold rating in a report published on Friday, Zacks.com reports.

According to Zacks, “Magic Software Enterprises, a member of the Formula Group, develops, markets and supports software development and deployment technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners. (PRESS RELEASE) “

A number of other brokerages have also recently commented on MGIC. BidaskClub cut Magic Software Enterprises from a buy rating to a hold rating in a research note on Tuesday, April 30th. ValuEngine upgraded Magic Software Enterprises from a hold rating to a buy rating in a research note on Wednesday, May 1st. Finally, HC Wainwright set a $10.00 price target on Magic Software Enterprises and gave the company a buy rating in a research note on Tuesday, March 5th.

Shares of MGIC opened at $8.96 on Friday. Magic Software Enterprises has a 52 week low of $7.29 and a 52 week high of $10.20. The company has a market cap of $425.84 million, a PE ratio of 16.29 and a beta of 0.97. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 0.08. The firm has a fifty day moving average price of $8.73.

Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings results on Thursday, May 16th. The software maker reported $0.14 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.14. Magic Software Enterprises had a return on equity of 10.83% and a net margin of 7.21%. The company had revenue of $71.80 million during the quarter, compared to analysts’ expectations of $75.30 million. On average, research analysts anticipate that Magic Software Enterprises will post 0.59 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the company. Sphera Funds Management LTD. bought a new stake in shares of Magic Software Enterprises during the 1st quarter valued at $324,000. Advisors Asset Management Inc. raised its position in shares of Magic Software Enterprises by 81.2% during the 1st quarter. Advisors Asset Management Inc. now owns 29,392 shares of the software maker’s stock valued at $246,000 after purchasing an additional 13,173 shares during the period. Menora Mivtachim Holdings LTD. raised its position in shares of Magic Software Enterprises by 3.9% during the 1st quarter. Menora Mivtachim Holdings LTD. now owns 126,678 shares of the software maker’s stock valued at $1,059,000 after purchasing an additional 4,727 shares during the period. Delek Group Ltd. raised its position in shares of Magic Software Enterprises by 15.4% during the 1st quarter. Delek Group Ltd. now owns 555,755 shares of the software maker’s stock valued at $4,623,000 after purchasing an additional 73,978 shares during the period. Finally, GHP Investment Advisors Inc. raised its position in shares of Magic Software Enterprises by 30.6% during the 1st quarter. GHP Investment Advisors Inc. now owns 43,081 shares of the software maker’s stock valued at $360,000 after purchasing an additional 10,101 shares during the period. Institutional investors own 15.47% of the company’s stock.

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.

Featured Article: Rule of 72

Get a free copy of the Zacks research report on Magic Software Enterprises (MGIC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Magic Software Enterprises Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magic Software Enterprises and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit