Magic Software Enterprises (NASDAQ:MGIC) Rating Increased to Hold at Zacks Investment Research

Magic Software Enterprises (NASDAQ:MGIC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday, Zacks.com reports.

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 research analysts have also weighed in on MGIC. ValuEngine raised Zillow Group from a “hold” rating to a “buy” rating in a research report on Thursday, July 11th. HC Wainwright set a $7.00 target price on Armata Pharmaceuticals and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Finally, BidaskClub lowered Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, June 26th.

NASDAQ:MGIC opened at $9.13 on Tuesday. The firm has a market capitalization of $438.06 million, a price-to-earnings ratio of 16.60 and a beta of 0.97. Magic Software Enterprises has a 1-year low of $7.29 and a 1-year high of $10.20. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 0.08. The company’s fifty day simple moving average is $8.77.

Magic Software Enterprises (NASDAQ:MGIC) last issued its earnings results on Thursday, May 16th. The software maker reported $0.14 earnings per share for the quarter, hitting the consensus estimate of $0.14. Magic Software Enterprises had a return on equity of 10.83% and a net margin of 7.21%. The company had revenue of $71.80 million for the quarter, compared to analyst estimates of $75.30 million. As a group, sell-side analysts anticipate that Magic Software Enterprises will post 0.59 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP increased its position in Magic Software Enterprises by 8.0% in the 4th 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. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Magic Software Enterprises by 22.8% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,024 shares of the software maker’s stock valued at $153,000 after acquiring an additional 3,715 shares during the last quarter. Menora Mivtachim Holdings LTD. increased its holdings in shares of Magic Software Enterprises by 3.9% during the 1st quarter. Menora Mivtachim Holdings LTD. now owns 126,678 shares of the software maker’s stock valued at $1,059,000 after acquiring an additional 4,727 shares during the last quarter. Naples Global Advisors LLC increased its holdings in shares of Magic Software Enterprises by 4.0% during the 2nd quarter. Naples Global Advisors LLC now owns 139,999 shares of the software maker’s stock valued at $1,256,000 after acquiring an additional 5,350 shares during the last quarter. Finally, GHP Investment Advisors Inc. increased its holdings in shares of Magic Software Enterprises by 30.6% during the 1st quarter. GHP Investment Advisors Inc. now owns 43,081 shares of the software maker’s stock valued at $360,000 after acquiring an additional 10,101 shares during the last quarter. 15.47% of the stock is currently owned by 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.

Featured Article: What is the downside to momentum investing?

Get a free copy of the Zacks research report on Magic Software Enterprises (MGIC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Magic Software Enterprises Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magic Software Enterprises and related companies with MarketBeat.com's FREE daily email newsletter.