Magic Software Enterprises (NASDAQ:MGIC) Rating Increased to Strong-Buy at StockNews.com

Magic Software Enterprises (NASDAQ:MGIC) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Friday.

Separately, Barclays lifted their price target on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th.

Magic Software Enterprises Stock Up 1.7 %

Shares of NASDAQ:MGIC opened at $12.18 on Friday. The company has a 50 day moving average of $11.36 and a two-hundred day moving average of $10.93. Magic Software Enterprises has a 52-week low of $9.00 and a 52-week high of $13.40. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $598.04 million, a price-to-earnings ratio of 17.40 and a beta of 1.09.

Hedge Funds Weigh In On Magic Software Enterprises

Several institutional investors and hedge funds have recently made changes to their positions in MGIC. Y.D. More Investments Ltd acquired a new stake in Magic Software Enterprises in the second quarter valued at $1,451,000. Assenagon Asset Management S.A. bought a new stake in shares of Magic Software Enterprises in the 3rd quarter worth about $1,675,000. Inspire Investing LLC acquired a new stake in shares of Magic Software Enterprises in the 3rd quarter valued at about $880,000. Acadian Asset Management LLC lifted its position in shares of Magic Software Enterprises by 2,254.6% during 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 last quarter. Finally, Dimensional Fund Advisors LP grew its stake in 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 worth $2,201,000 after purchasing an additional 29,635 shares in the last quarter. 24.70% of the stock is currently owned by hedge funds and other 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.