Magic Software Enterprises (NASDAQ:MGIC) Upgraded at Zacks Investment Research

Magic Software Enterprises (NASDAQ:MGICGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday, Zacks.com reports. The brokerage currently has a $19.00 target price on the software maker’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 9.89% from the company’s current price.

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) “

Separately, StockNews.com lowered Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 12th.

Magic Software Enterprises stock opened at $17.29 on Thursday. The firm has a market cap of $848.47 million, a price-to-earnings ratio of 30.88 and a beta of 1.28. Magic Software Enterprises has a 52 week low of $14.87 and a 52 week high of $25.49. The business’s 50-day moving average price is $17.33 and its 200 day moving average price is $19.42. The company has a quick ratio of 2.32, a current ratio of 2.32 and a debt-to-equity ratio of 0.08.

Magic Software Enterprises (NASDAQ:MGICGet Rating) last posted its earnings results on Thursday, May 12th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. The firm had revenue of $138.71 million for the quarter, compared to analyst estimates of $128.80 million. Magic Software Enterprises had a return on equity of 17.84% and a net margin of 5.35%. Equities analysts expect that Magic Software Enterprises will post 1.02 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Aptus Capital Advisors LLC increased its stake in shares of Magic Software Enterprises by 23.6% during the fourth quarter. Aptus Capital Advisors LLC now owns 109,850 shares of the software maker’s stock worth $2,299,000 after purchasing an additional 20,958 shares in the last quarter. Citigroup Inc. increased its stake in Magic Software Enterprises by 2,046.7% during the 3rd quarter. Citigroup Inc. now owns 41,861 shares of the software maker’s stock worth $837,000 after buying an additional 39,911 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Magic Software Enterprises by 28.5% during the third quarter. Dimensional Fund Advisors LP now owns 97,160 shares of the software maker’s stock valued at $1,943,000 after acquiring an additional 21,545 shares during the last quarter. Credit Suisse AG lifted its position in shares of Magic Software Enterprises by 4.2% in the third quarter. Credit Suisse AG now owns 57,867 shares of the software maker’s stock valued at $1,157,000 after acquiring an additional 2,350 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in shares of Magic Software Enterprises by 61.9% in the fourth quarter. Acadian Asset Management LLC now owns 39,884 shares of the software maker’s stock worth $825,000 after acquiring an additional 15,251 shares during the last quarter. 29.56% of the stock is currently owned by institutional investors and hedge funds.

About Magic Software Enterprises (Get Rating)

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.

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