Magic Software Enterprises Ltd. (MGIC) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) from a hold rating to a sell rating in a research note issued to investors on Friday.

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 analysts have also issued reports on the company. ValuEngine raised Magic Software Enterprises from a hold rating to a buy rating in a research note on Monday, September 11th. BidaskClub lowered Magic Software Enterprises from a hold rating to a sell rating in a research note on Friday, July 28th. Barclays PLC reaffirmed a buy rating and issued a $10.50 target price on shares of Magic Software Enterprises in a research note on Thursday, November 16th. Finally, HC Wainwright set a $10.00 target price on Magic Software Enterprises and gave the stock a buy rating in a research note on Thursday, August 10th. Two investment analysts have rated the stock with a sell rating and five have assigned a buy rating to the stock. Magic Software Enterprises has a consensus rating of Hold and a consensus target price of $9.81.

Shares of Magic Software Enterprises (NASDAQ MGIC) opened at $8.50 on Friday. The stock has a market capitalization of $382.58, a P/E ratio of 17.92 and a beta of 0.70. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.45 and a quick ratio of 3.45. Magic Software Enterprises has a 52 week low of $6.65 and a 52 week high of $9.50.

Magic Software Enterprises (NASDAQ:MGIC) last issued 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). The firm had revenue of $65.70 million during the quarter, compared to analysts’ expectations of $62.65 million. Magic Software Enterprises had a return on equity of 10.37% and a net margin of 4.77%. The firm’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.12 EPS. equities analysts expect that Magic Software Enterprises will post 0.55 EPS for the current year.

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Several large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in shares of Magic Software Enterprises by 41.3% during the third quarter. Dimensional Fund Advisors LP now owns 28,067 shares of the software maker’s stock valued at $246,000 after purchasing an additional 8,209 shares during the period. Clal Insurance Enterprises Holdings Ltd boosted its stake in shares of Magic Software Enterprises by 0.9% during the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,196,982 shares of the software maker’s stock valued at $10,414,000 after purchasing an additional 10,962 shares during the period. Macquarie Group Ltd. purchased a new stake in shares of Magic Software Enterprises during the third quarter valued at approximately $518,000. Bank of New York Mellon Corp boosted its stake in shares of Magic Software Enterprises by 9.5% during the third quarter. Bank of New York Mellon Corp now owns 74,892 shares of the software maker’s stock valued at $652,000 after purchasing an additional 6,526 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Magic Software Enterprises by 12.5% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,202,004 shares of the software maker’s stock valued at $10,457,000 after purchasing an additional 134,013 shares during the period. 9.42% of the stock is owned by hedge funds and other institutional investors.

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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