Magic Software Enterprises Ltd (NASDAQ:MGIC) has been given a consensus rating of “Hold” by the six analysts that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation and four have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $10.17.
Several research firms have recently weighed in on MGIC. Zacks Investment Research lowered Magic Software Enterprises from a “hold” rating to a “sell” rating in a research report on Saturday, February 10th. BidaskClub downgraded Magic Software Enterprises from a “sell” rating to a “strong sell” rating in a research note on Tuesday, January 23rd. HC Wainwright set a $10.00 target price on Magic Software Enterprises and gave the company a “buy” rating in a research note on Monday, November 20th. Finally, Barclays restated a “buy” rating and issued a $10.50 target price on shares of Magic Software Enterprises in a research note on Thursday, November 16th.
Magic Software Enterprises (MGIC) traded up $0.15 during mid-day trading on Thursday, hitting $8.45. The stock had a trading volume of 10,969 shares, compared to its average volume of 22,190. Magic Software Enterprises has a 1 year low of $7.40 and a 1 year high of $9.50. The company has a debt-to-equity ratio of 0.16, a quick ratio of 3.45 and a current ratio of 3.45. The company has a market cap of $375.93, a price-to-earnings ratio of 31.30 and a beta of 0.76.
Several institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its stake in shares of Magic Software Enterprises by 11.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 19,858 shares of the software maker’s stock valued at $158,000 after buying an additional 2,000 shares during the period. Macquarie Group Ltd. grew its stake in shares of Magic Software Enterprises by 10.9% in the 4th quarter. Macquarie Group Ltd. now owns 65,637 shares of the software maker’s stock valued at $555,000 after buying an additional 6,428 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Magic Software Enterprises by 9.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 74,892 shares of the software maker’s stock valued at $652,000 after buying an additional 6,526 shares during the period. Clal Insurance Enterprises Holdings Ltd grew its stake in shares of Magic Software Enterprises by 0.9% in the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,196,982 shares of the software maker’s stock valued at $10,414,000 after buying an additional 10,962 shares during the period. Finally, Millennium Management LLC acquired a new stake in shares of Magic Software Enterprises in the 4th quarter valued at about $106,000. Institutional investors own 10.03% of the company’s stock.
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About Magic Software Enterprises
Magic Software Enterprises Ltd. is a provider of application development, business process integration platforms, vertical software solutions and related professional services. The Company is a vendor of information technology (IT) outsourcing services. Its software technology is used by customers to develop, deploy and integrate on premise, mobile and cloud-based business.
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