Magic Software Enterprises (NASDAQ:MGIC) Lowered to Hold at StockNews.com

StockNews.com lowered shares of Magic Software Enterprises (NASDAQ:MGICGet Rating) from a buy rating to a hold rating in a research report report published on Monday.

Magic Software Enterprises Trading Up 6.6 %

Shares of Magic Software Enterprises stock opened at $16.86 on Monday. The company has a 50-day simple moving average of $15.65 and a 200 day simple moving average of $17.06. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 0.14. Magic Software Enterprises has a 12-month low of $14.01 and a 12-month high of $25.49. The stock has a market capitalization of $827.37 million, a P/E ratio of 30.11 and a beta of 1.15.

Institutional Investors Weigh In On Magic Software Enterprises

A number of hedge funds have recently added to or reduced their stakes in MGIC. Royal Bank of Canada grew its stake in shares of Magic Software Enterprises by 666.7% during the first quarter. Royal Bank of Canada now owns 2,300 shares of the software maker’s stock valued at $39,000 after purchasing an additional 2,000 shares during the last quarter. Lazard Asset Management LLC boosted its position in Magic Software Enterprises by 25.2% in the 2nd quarter. Lazard Asset Management LLC now owns 6,176 shares of the software maker’s stock valued at $109,000 after buying an additional 1,245 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Magic Software Enterprises by 9.9% during the second quarter. Van ECK Associates Corp now owns 6,161 shares of the software maker’s stock worth $109,000 after acquiring an additional 555 shares during the last quarter. Bank of America Corp DE increased its position in Magic Software Enterprises by 114.3% in the first quarter. Bank of America Corp DE now owns 10,941 shares of the software maker’s stock worth $189,000 after purchasing an additional 5,836 shares during the period. Finally, Eqis Capital Management Inc. boosted its stake in Magic Software Enterprises by 30.7% in the third quarter. Eqis Capital Management Inc. now owns 14,903 shares of the software maker’s stock valued at $232,000 after acquiring an additional 3,501 shares during the last quarter. Institutional investors own 29.56% of the company’s stock.

Magic Software Enterprises Company Profile

(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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