Magic Software Enterprises (NASDAQ:MGIC – Get Rating) was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Thursday.
Magic Software Enterprises Stock Performance
Shares of NASDAQ MGIC opened at $16.71 on Thursday. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.14. The firm’s 50-day moving average price is $16.29 and its two-hundred day moving average price is $16.74. Magic Software Enterprises has a 52-week low of $14.01 and a 52-week high of $20.24. The stock has a market capitalization of $820.01 million, a P/E ratio of 26.11 and a beta of 1.18.
Magic Software Enterprises (NASDAQ:MGIC – Get Rating) last issued its earnings results on Monday, November 14th. The software maker reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. Magic Software Enterprises had a net margin of 5.99% and a return on equity of 18.81%. The firm had revenue of $143.96 million for the quarter, compared to analysts’ expectations of $131.70 million. As a group, sell-side analysts forecast that Magic Software Enterprises will post 1.03 earnings per share for the current year.
Institutional Investors Weigh In On Magic Software Enterprises
A number of hedge funds have recently made changes to their positions in MGIC. Swiss National Bank raised its holdings in shares of Magic Software Enterprises by 7.5% during the first quarter. Swiss National Bank now owns 64,134 shares of the software maker’s stock valued at $1,130,000 after buying an additional 4,501 shares during the last quarter. Natixis Advisors L.P. raised its holdings in shares of Magic Software Enterprises by 5.8% during the first quarter. Natixis Advisors L.P. now owns 16,210 shares of the software maker’s stock valued at $279,000 after buying an additional 887 shares during the last quarter. Acadian Asset Management LLC raised its holdings in shares of Magic Software Enterprises by 5.8% during the first quarter. Acadian Asset Management LLC now owns 42,197 shares of the software maker’s stock valued at $717,000 after buying an additional 2,313 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Magic Software Enterprises by 14.8% during the first quarter. Dimensional Fund Advisors LP now owns 125,734 shares of the software maker’s stock valued at $2,166,000 after acquiring an additional 16,244 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Magic Software Enterprises by 27.8% during the first quarter. Vanguard Group Inc. now owns 17,884 shares of the software maker’s stock valued at $308,000 after acquiring an additional 3,885 shares during the period. Institutional investors own 18.24% of the company’s stock.
About Magic Software Enterprises
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and information technologies (IT) outsourcing software services in Israel and internationally. The company’s Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.