Magic Software Enterprises (NASDAQ:MGIC) Downgraded to Hold Rating by Wall Street Zen

Magic Software Enterprises (NASDAQ:MGIC) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magic Software Enterprises in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Magic Software Enterprises presently has a consensus rating of “Hold” and a consensus price target of $18.00.

Magic Software Enterprises Stock Performance

Shares of MGIC stock opened at $17.38 on Friday. The company has a market capitalization of $853.36 million, a price-to-earnings ratio of 21.46 and a beta of 0.73. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.11. The firm has a 50-day moving average price of $24.07 and a 200 day moving average price of $22.45. Magic Software Enterprises has a twelve month low of $11.65 and a twelve month high of $28.00.

Institutional Trading of Magic Software Enterprises

A number of institutional investors have recently modified their holdings of MGIC. XTX Topco Ltd bought a new stake in shares of Magic Software Enterprises in the 4th quarter valued at approximately $336,000. Altshuler Shaham Ltd increased its position in Magic Software Enterprises by 187,232.6% in the 4th quarter. Altshuler Shaham Ltd now owns 252,899 shares of the software maker’s stock valued at $6,580,000 after acquiring an additional 252,764 shares during the period. Lazard Asset Management LLC lifted its holdings in Magic Software Enterprises by 4.0% in the fourth quarter. Lazard Asset Management LLC now owns 24,734 shares of the software maker’s stock worth $637,000 after purchasing an additional 955 shares during the period. Susquehanna Advisors Group Inc. acquired a new stake in shares of Magic Software Enterprises in the 4th quarter worth approximately $211,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Magic Software Enterprises by 6.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 298,836 shares of the software maker’s stock valued at $7,697,000 after buying an additional 16,878 shares during the period. Hedge funds and other institutional investors own 24.70% of the company’s stock.

About Magic Software Enterprises

Magic Software Enterprises Ltd. is a global provider of enterprise software solutions that enable organizations to develop, integrate and manage business applications across cloud and on-premises environments. Serving clients in industries such as financial services, healthcare, manufacturing and distribution, the company’s platforms are designed to accelerate digital transformation by streamlining the creation of web, desktop and mobile applications while ensuring seamless data flow between disparate systems.

The company’s flagship offering, the Magic xpa Application Platform, provides a low-code development environment that simplifies the design, deployment and maintenance of enterprise applications.