Zacks Investment Research Upgrades Magic Software Enterprises (NASDAQ:MGIC) to Hold
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) “
Several other brokerages also recently issued reports on MGIC. HC Wainwright set a $7.00 price objective on shares of Armata Pharmaceuticals and gave the company a buy rating in a research report on Thursday, May 23rd. ValuEngine raised shares of Zillow Group from a hold rating to a buy rating in a research report on Thursday, July 11th. Finally, BidaskClub downgraded shares of Zynerba Pharmaceuticals from a buy rating to a hold rating in a research report on Wednesday, June 26th.
Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Thursday, May 16th. The software maker reported $0.14 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. Magic Software Enterprises had a net margin of 7.21% and a return on equity of 10.83%. The company had revenue of $71.80 million during the quarter, compared to the consensus estimate of $75.30 million. As a group, equities research analysts expect that Magic Software Enterprises will post 0.59 earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Magic Software Enterprises by 22.8% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,024 shares of the software maker’s stock worth $153,000 after buying an additional 3,715 shares in the last quarter. Seizert Capital Partners LLC bought a new position in Magic Software Enterprises during the first quarter worth $228,000. Advisors Asset Management Inc. lifted its stake in Magic Software Enterprises by 81.2% during the first quarter. Advisors Asset Management Inc. now owns 29,392 shares of the software maker’s stock worth $246,000 after purchasing an additional 13,173 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Magic Software Enterprises by 8.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 36,557 shares of the software maker’s stock worth $279,000 after purchasing an additional 2,700 shares during the last quarter. Finally, Sphera Funds Management LTD. bought a new position in Magic Software Enterprises during the first quarter worth $324,000. 15.47% of the stock is owned by institutional investors and hedge funds.
Magic Software Enterprises Company Profile
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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