HC Wainwright Reaffirms Buy Rating for Magic Software Enterprises (MGIC)

Magic Software Enterprises (NASDAQ:MGIC)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a research note issued on Thursday, AnalystRatings.com reports. They presently have a $10.00 price target on the software maker’s stock. HC Wainwright’s target price points to a potential upside of 12.49% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Zacks Investment Research downgraded Magic Software Enterprises from a “hold” rating to a “sell” rating in a research report on Friday, April 19th. ValuEngine upgraded Magic Software Enterprises from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Finally, BidaskClub downgraded Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Thursday, March 14th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company’s stock. Magic Software Enterprises presently has an average rating of “Hold” and an average target price of $9.75.

Magic Software Enterprises stock opened at $8.89 on Thursday. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $434.64 million, a price-to-earnings ratio of 16.16 and a beta of 0.91. Magic Software Enterprises has a 12 month low of $7.29 and a 12 month high of $10.20.

Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Thursday, May 16th. The software maker reported $0.14 EPS for the quarter, meeting the consensus estimate of $0.14. The firm had revenue of $71.80 million during the quarter, compared to the consensus estimate of $75.30 million. Magic Software Enterprises had a return on equity of 10.83% and a net margin of 7.21%. On average, research analysts anticipate that Magic Software Enterprises will post 0.59 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the company. Van ECK Associates Corp grew its stake in Magic Software Enterprises by 20.2% during the fourth quarter. Van ECK Associates Corp now owns 9,359 shares of the software maker’s stock worth $71,000 after purchasing an additional 1,571 shares during the period. Advisors Asset Management Inc. acquired a new stake in Magic Software Enterprises during the fourth quarter worth approximately $124,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in Magic Software Enterprises by 22.8% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,024 shares of the software maker’s stock worth $153,000 after purchasing an additional 3,715 shares during the period. Jane Street Group LLC grew its stake in Magic Software Enterprises by 10.3% during the first quarter. Jane Street Group LLC now owns 22,270 shares of the software maker’s stock worth $186,000 after purchasing an additional 2,071 shares during the period. Finally, Seizert Capital Partners LLC acquired a new stake in Magic Software Enterprises during the first quarter worth approximately $228,000. Institutional investors own 15.44% of the company’s stock.

About Magic Software Enterprises

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.

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