Magic Software Enterprises (NASDAQ:MGIC) was upgraded by BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, BidAskClub reports.

A number of other research analysts have also recently weighed in on MGIC. Zacks Investment Research cut shares of Magic Software Enterprises from a “hold” rating to a “sell” rating in a research note on Tuesday, December 11th. HC Wainwright set a $10.00 price objective on shares of Magic Software Enterprises and gave the stock a “buy” rating in a research note on Tuesday, March 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $9.75.

Shares of MGIC opened at $9.25 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.99 and a quick ratio of 3.91. Magic Software Enterprises has a 1-year low of $7.29 and a 1-year high of $9.25. The company has a market cap of $432.20 million, a PE ratio of 16.82 and a beta of 0.85.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Monday, March 4th. The software maker reported $0.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by ($0.02). Magic Software Enterprises had a return on equity of 11.06% and a net margin of 6.99%. The business had revenue of $72.29 million for the quarter, compared to analysts’ expectations of $73.75 million. As a group, sell-side analysts expect that Magic Software Enterprises will post 0.6 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in MGIC. Bank of New York Mellon Corp boosted its position in Magic Software Enterprises by 47.3% during the third quarter. Bank of New York Mellon Corp now owns 88,192 shares of the software maker’s stock worth $750,000 after acquiring an additional 28,323 shares during the last quarter. Virtu Financial LLC acquired a new stake in Magic Software Enterprises during the third quarter worth approximately $455,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Magic Software Enterprises during the third quarter worth approximately $139,000. Renaissance Technologies LLC boosted its position in Magic Software Enterprises by 9.4% during the third quarter. Renaissance Technologies LLC now owns 432,052 shares of the software maker’s stock worth $3,672,000 after acquiring an additional 37,100 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its position in Magic Software Enterprises by 38.0% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,782,994 shares of the software maker’s stock worth $13,604,000 after acquiring an additional 490,605 shares during the last quarter. Hedge funds and other institutional investors own 15.74% of the company’s stock.

About Magic Software Enterprises

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.

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