Magic Software Enterprises (NASDAQ:MGIC) Upgraded to “Hold” at Zacks Investment Research

Magic Software Enterprises (NASDAQ:MGIC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday, 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 issued reports on MGIC. HC Wainwright set a $7.00 price objective on Armata Pharmaceuticals and gave the company a “buy” rating in a report on Thursday, May 23rd. ValuEngine cut Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Finally, BidaskClub cut Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, June 26th.

Shares of NASDAQ MGIC remained flat at $$8.86 during midday trading on Tuesday. The company’s stock had a trading volume of 15,328 shares, compared to its average volume of 24,835. The firm has a market cap of $433.17 million, a price-to-earnings ratio of 16.11 and a beta of 0.98. The business has a 50 day moving average price of $8.73. Magic Software Enterprises has a 12 month low of $7.29 and a 12 month high of $10.20. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 0.08.

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

Several hedge funds and other institutional investors have recently modified their holdings of MGIC. Van ECK Associates Corp increased its stake in shares of Magic Software Enterprises by 20.2% in the fourth quarter. Van ECK Associates Corp now owns 9,359 shares of the software maker’s stock valued at $71,000 after buying an additional 1,571 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Magic Software Enterprises by 22.8% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,024 shares of the software maker’s stock valued at $153,000 after buying an additional 3,715 shares in the last quarter. Seizert Capital Partners LLC acquired a new stake in shares of Magic Software Enterprises in the first quarter valued at $228,000. Advisors Asset Management Inc. increased its stake in shares of Magic Software Enterprises by 81.2% in the first quarter. Advisors Asset Management Inc. now owns 29,392 shares of the software maker’s stock valued at $246,000 after buying an additional 13,173 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Magic Software Enterprises by 8.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 36,557 shares of the software maker’s stock valued at $279,000 after buying an additional 2,700 shares in the last quarter. 15.47% of the stock is owned by institutional investors.

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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