Magic Software Enterprises Ltd. (MGIC) Stock Rating Reaffirmed by HC Wainwright

Magic Software Enterprises Ltd. (NASDAQ:MGIC)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a research note issued to investors on Monday. They presently have a $10.00 price target on the software maker’s stock. HC Wainwright’s target price indicates a potential upside of 17.65% from the stock’s current price.

MGIC has been the topic of several other reports. ValuEngine raised Magic Software Enterprises from a “hold” rating to a “buy” rating in a research note on Monday, September 11th. Zacks Investment Research cut Magic Software Enterprises from a “hold” rating to a “sell” rating in a research note on Friday. Barclays PLC reaffirmed a “buy” rating and issued a $10.50 price target on shares of Magic Software Enterprises in a research note on Thursday, November 16th. Finally, BidaskClub cut Magic Software Enterprises from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Two analysts have rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $9.81.

Magic Software Enterprises (NASDAQ MGIC) opened at $8.50 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 3.45 and a current ratio of 3.45. Magic Software Enterprises has a 12 month low of $6.65 and a 12 month high of $9.50. The stock has a market capitalization of $382.58, a P/E ratio of 17.92 and a beta of 0.70.

Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Tuesday, November 14th. The software maker reported $0.12 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.03). Magic Software Enterprises had a net margin of 4.77% and a return on equity of 10.37%. The business had revenue of $65.70 million for the quarter, compared to analysts’ expectations of $62.65 million. During the same period last year, the firm posted $0.12 earnings per share. Magic Software Enterprises’s quarterly revenue was up 20.6% on a year-over-year basis. sell-side analysts anticipate that Magic Software Enterprises will post 0.55 EPS for the current fiscal year.

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A number of hedge funds have recently modified their holdings of the stock. Harel Insurance Investments & Financial Services Ltd. grew its stake in Magic Software Enterprises by 12.5% in the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,202,004 shares of the software maker’s stock worth $10,457,000 after purchasing an additional 134,013 shares during the period. Clal Insurance Enterprises Holdings Ltd grew its stake in Magic Software Enterprises by 0.9% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,196,982 shares of the software maker’s stock worth $10,414,000 after purchasing an additional 10,962 shares during the period. Edmond DE Rothschild Holding S.A. grew its stake in shares of Magic Software Enterprises by 39.1% in the second quarter. Edmond DE Rothschild Holding S.A. now owns 101,539 shares of the software maker’s stock worth $807,000 after acquiring an additional 28,539 shares during the last quarter. Eagle Global Advisors LLC grew its stake in shares of Magic Software Enterprises by 12.7% in the second quarter. Eagle Global Advisors LLC now owns 79,783 shares of the software maker’s stock worth $634,000 after acquiring an additional 9,000 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Magic Software Enterprises by 9.5% in the third quarter. Bank of New York Mellon Corp now owns 74,892 shares of the software maker’s stock worth $652,000 after acquiring an additional 6,526 shares during the last quarter. 9.42% of the stock is currently owned by institutional investors.

Magic Software Enterprises Company Profile

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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