Magic Software Enterprises (NASDAQ:MGIC) Stock Rating Upgraded by BidaskClub

Magic Software Enterprises (NASDAQ:MGIC) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Wednesday, June 26th, BidAskClub reports.

Several other equities research analysts also recently issued reports on MGIC. HC Wainwright set a $7.00 price objective on shares of Armata Pharmaceuticals and gave the stock a “buy” rating in a research report on Thursday, May 23rd. ValuEngine downgraded shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, May 28th. Finally, Zacks Investment Research downgraded shares of Gold Resource from a “hold” rating to a “sell” rating in a research report on Friday, June 21st.

MGIC stock traded up $0.05 during trading hours on Wednesday, reaching $9.18. 63,751 shares of the stock were exchanged, compared to its average volume of 24,649. Magic Software Enterprises has a 12 month low of $7.29 and a 12 month high of $10.20. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.50 and a current ratio of 3.50. The company has a market cap of $440.01 million, a P/E ratio of 16.36 and a beta of 0.97. The firm’s 50-day simple moving average is $8.77.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings results on Thursday, May 16th. The software maker reported $0.14 EPS for the quarter, hitting analysts’ consensus estimates of $0.14. Magic Software Enterprises had a return on equity of 10.83% and a net margin of 7.21%. The business had revenue of $71.80 million during the quarter, compared to analysts’ expectations of $75.30 million. Equities analysts expect that Magic Software Enterprises will post 0.59 earnings per share for the current year.

A number of large investors have recently made changes to their positions in MGIC. Delek Group Ltd. increased its stake in Magic Software Enterprises by 15.4% in the first quarter. Delek Group Ltd. now owns 555,755 shares of the software maker’s stock valued at $4,623,000 after acquiring an additional 73,978 shares during the last quarter. Sphera Funds Management LTD. bought a new stake in shares of Magic Software Enterprises during the first quarter worth $324,000. Bank of New York Mellon Corp grew its stake in shares of Magic Software Enterprises by 47.3% during the third quarter. Bank of New York Mellon Corp now owns 88,192 shares of the software maker’s stock worth $750,000 after buying an additional 28,323 shares during the last quarter. Seizert Capital Partners LLC bought a new stake in shares of Magic Software Enterprises during the first quarter worth $228,000. Finally, Advisors Asset Management Inc. grew its stake in shares of Magic Software Enterprises by 81.2% during the first quarter. Advisors Asset Management Inc. now owns 29,392 shares of the software maker’s stock worth $246,000 after buying an additional 13,173 shares during the last quarter. 15.47% of the stock is currently owned by institutional investors and hedge funds.

Magic Software Enterprises Company Profile

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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