Magic Software Enterprises Ltd. (NASDAQ:MGIC) Downgraded to “Hold” at Zacks Investment Research

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday, September 2nd.

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) “

MGIC has been the subject of a number of other reports. BidaskClub downgraded Magic Software Enterprises from a “hold” rating to a “sell” rating in a report on Friday, July 28th. HC Wainwright set a $10.00 target price on Magic Software Enterprises and gave the stock a “buy” rating in a report on Thursday, August 10th. Barclays PLC reiterated an “overweight” rating and issued a $10.00 target price (up from $9.50) on shares of Magic Software Enterprises in a report on Wednesday, May 17th. Finally, Rodman & Renshaw restated a “buy” rating and set a $10.00 price objective (up previously from $9.00) on shares of Magic Software Enterprises in a report on Wednesday, May 17th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $9.69.

Magic Software Enterprises (MGIC) traded down 0.58% during midday trading on Friday, hitting $8.50. 46,360 shares of the stock traded hands. Magic Software Enterprises has a 1-year low of $6.65 and a 1-year high of $8.70. The firm has a market cap of $375.12 million, a P/E ratio of 31.48 and a beta of 0.63. The company has a 50-day moving average price of $8.00 and a 200-day moving average price of $7.96.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Wednesday, August 9th. The software maker reported $0.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.01. Magic Software Enterprises had a return on equity of 10.49% and a net margin of 5.08%. The company had revenue of $65.50 million during the quarter, compared to the consensus estimate of $52.65 million. During the same period last year, the company earned $0.12 earnings per share. The firm’s revenue was up 38.2% compared to the same quarter last year. Analysts predict that Magic Software Enterprises will post $0.56 EPS for the current year.

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A number of hedge funds have recently bought and sold shares of MGIC. Clal Insurance Enterprises Holdings Ltd lifted its position in shares of Magic Software Enterprises by 1,421.9% during the 2nd quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,186,020 shares of the software maker’s stock valued at $9,429,000 after buying an additional 1,108,088 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Magic Software Enterprises during the 2nd quarter valued at $544,000. Edmond DE Rothschild Holding S.A. lifted its position in shares of Magic Software Enterprises by 39.1% during the 2nd quarter. Edmond DE Rothschild Holding S.A. now owns 101,539 shares of the software maker’s stock valued at $807,000 after buying an additional 28,539 shares during the last quarter. AXA purchased a new position in shares of Magic Software Enterprises during the 2nd quarter valued at $176,000. Finally, Eagle Global Advisors LLC lifted its position in shares of Magic Software Enterprises by 12.7% during the 2nd quarter. Eagle Global Advisors LLC now owns 79,783 shares of the software maker’s stock valued at $634,000 after buying an additional 9,000 shares during the last quarter. 8.99% of the stock is currently owned by institutional investors and hedge funds.

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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