Magic Software Enterprises (NASDAQ:MGIC) Lowered to “Buy” Rating by StockNews.com

StockNews.com lowered shares of Magic Software Enterprises (NASDAQ:MGIC) from a strong-buy rating to a buy rating in a report published on Tuesday morning.

Magic Software Enterprises Trading Down 1.4 %

MGIC stock opened at $11.42 on Tuesday. The firm has a market cap of $560.72 million, a P/E ratio of 16.79 and a beta of 1.08. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.13. Magic Software Enterprises has a 1-year low of $8.40 and a 1-year high of $12.99. The business’s 50 day moving average is $11.26 and its 200-day moving average is $10.99.

Magic Software Enterprises (NASDAQ:MGIC) last issued its earnings results on Wednesday, August 14th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.22 by $0.02. The company had revenue of $136.25 million during the quarter, compared to the consensus estimate of $132.10 million. Magic Software Enterprises had a return on equity of 15.63% and a net margin of 6.41%. During the same period in the previous year, the company posted $0.28 EPS. Equities analysts anticipate that Magic Software Enterprises will post 0.95 earnings per share for the current fiscal year.

Institutional Trading of Magic Software Enterprises

Several institutional investors have recently added to or reduced their stakes in MGIC. Dimensional Fund Advisors LP boosted its stake in shares of Magic Software Enterprises by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after buying an additional 29,635 shares during the period. Y.D. More Investments Ltd bought a new stake in shares of Magic Software Enterprises during the 2nd quarter valued at $1,451,000. Assenagon Asset Management S.A. bought a new stake in shares of Magic Software Enterprises during the 3rd quarter valued at $1,675,000. Inspire Investing LLC acquired a new stake in shares of Magic Software Enterprises during the 3rd quarter worth $880,000. Finally, Acadian Asset Management LLC increased its position in shares of Magic Software Enterprises by 2,254.6% in the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after purchasing an additional 65,540 shares during the period. 24.70% of the stock is currently owned by institutional investors.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud-based services in Israel and internationally. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.