Magic Software Enterprises (NASDAQ:MGIC) Lowered to Sell at BidaskClub
Magic Software Enterprises (NASDAQ:MGIC) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday, BidAskClub reports.
Separately, Zacks Investment Research lowered shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th.
NASDAQ MGIC opened at $8.83 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.41 and a current ratio of 3.41. The firm has a 50-day simple moving average of $9.14 and a 200 day simple moving average of $9.03. Magic Software Enterprises has a twelve month low of $7.29 and a twelve month high of $10.20. The stock has a market cap of $463.00 million, a PE ratio of 16.05 and a beta of 0.91.
Large investors have recently bought and sold shares of the stock. Optimum Investment Advisors acquired a new position in Magic Software Enterprises in the second quarter worth about $27,000. BlackRock Inc. raised its position in Magic Software Enterprises by 286.9% in the second quarter. BlackRock Inc. now owns 6,310 shares of the software maker’s stock worth $57,000 after purchasing an additional 4,679 shares in the last quarter. Morgan Stanley raised its position in Magic Software Enterprises by 21.1% in the second quarter. Morgan Stanley now owns 8,425 shares of the software maker’s stock worth $76,000 after purchasing an additional 1,466 shares in the last quarter. Opus Capital Group LLC acquired a new position in Magic Software Enterprises in the second quarter worth about $193,000. Finally, Yorktown Management & Research Co Inc acquired a new stake in shares of Magic Software Enterprises during the third quarter worth approximately $206,000. 16.09% of the stock is owned by hedge funds and other institutional investors.
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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