Magic Software Enterprises (NASDAQ:MGIC) Lowered to Hold at ValuEngine

ValuEngine cut shares of Magic Software Enterprises (NASDAQ:MGIC) from a buy rating to a hold rating in a report released on Thursday, ValuEngine reports.

A number of other research firms have also commented on MGIC. Zacks Investment Research raised DLH from a sell rating to a hold rating in a report on Tuesday, July 9th. BidaskClub lowered Zynerba Pharmaceuticals from a buy rating to a hold rating in a report on Wednesday, June 26th. Finally, HC Wainwright set a $7.00 target price on Armata Pharmaceuticals and gave the stock a buy rating in a report on Thursday, May 23rd.

Shares of NASDAQ:MGIC opened at $9.00 on Thursday. The company’s fifty day moving average is $8.73. The stock has a market capitalization of $440.02 million, a PE ratio of 16.07 and a beta of 0.97. Magic Software Enterprises has a 12-month low of $7.29 and a 12-month high of $10.20. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 0.08.

Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings data on Thursday, May 16th. The software maker reported $0.14 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.14. The business had revenue of $71.80 million during the quarter, compared to analysts’ expectations of $75.30 million. Magic Software Enterprises had a return on equity of 10.83% and a net margin of 7.21%. Sell-side analysts predict that Magic Software Enterprises will post 0.59 EPS for the current fiscal year.

Several institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp increased its holdings in shares of Magic Software Enterprises by 20.2% in the 4th 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 in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Magic Software Enterprises by 8.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 36,557 shares of the software maker’s stock worth $279,000 after purchasing an additional 2,700 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Magic Software Enterprises by 22.8% in the 4th 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 in the last quarter. Menora Mivtachim Holdings LTD. increased its holdings in shares of Magic Software Enterprises by 3.9% in the 1st quarter. Menora Mivtachim Holdings LTD. now owns 126,678 shares of the software maker’s stock worth $1,059,000 after purchasing an additional 4,727 shares in the last quarter. Finally, Naples Global Advisors LLC increased its holdings in shares of Magic Software Enterprises by 4.0% in the 2nd quarter. Naples Global Advisors LLC now owns 139,999 shares of the software maker’s stock worth $1,256,000 after purchasing an additional 5,350 shares in the last quarter. 15.47% of the stock is owned by institutional investors and hedge funds.

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.

Featured Article: The limitations of an equal weight rating

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for Magic Software Enterprises Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magic Software Enterprises and related companies with MarketBeat.com's FREE daily email newsletter.