Zacks Investment Research downgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from a hold rating to a sell rating in a research note published 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) “
MGIC has been the subject of several other reports. Barclays reaffirmed a buy rating and set a $10.50 price objective on shares of Magic Software Enterprises in a research note on Thursday, November 16th. HC Wainwright reaffirmed a buy rating and set a $10.00 price objective on shares of Magic Software Enterprises in a research note on Monday, November 20th. Finally, BidaskClub downgraded Magic Software Enterprises from a sell rating to a strong sell rating in a research note on Tuesday, January 23rd. Two analysts have rated the stock with a sell rating and four have given a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $9.81.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its stake in Magic Software Enterprises by 11.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 19,858 shares of the software maker’s stock valued at $158,000 after acquiring an additional 2,000 shares during the last quarter. Macquarie Group Ltd. raised its stake in shares of Magic Software Enterprises by 10.9% during the 4th quarter. Macquarie Group Ltd. now owns 65,637 shares of the software maker’s stock worth $555,000 after buying an additional 6,428 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Magic Software Enterprises by 9.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 74,892 shares of the software maker’s stock worth $652,000 after buying an additional 6,526 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd raised its stake in shares of Magic Software Enterprises by 0.9% during the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,196,982 shares of the software maker’s stock worth $10,414,000 after buying an additional 10,962 shares in the last quarter. Finally, Millennium Management LLC purchased a new position in shares of Magic Software Enterprises during the 4th quarter worth approximately $106,000. 10.03% of the stock is owned by hedge funds and other institutional investors.
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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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