Magic Software Enterprises (MGIC) Lowered to “Strong Sell” at BidaskClub

Magic Software Enterprises (NASDAQ:MGIC) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued on Tuesday.

Several other brokerages have also recently weighed in on MGIC. Zacks Investment Research upgraded shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a research note on Wednesday, January 17th. HC Wainwright set a $10.00 price target on shares of Magic Software Enterprises and gave the stock a “buy” rating in a research note on Monday, November 20th. Finally, Barclays reiterated a “buy” rating and set a $10.50 price target on shares of Magic Software Enterprises in a research note on Thursday, November 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Magic Software Enterprises has a consensus rating of “Buy” and an average price target of $9.81.

Shares of Magic Software Enterprises (MGIC) opened at $8.70 on Tuesday. Magic Software Enterprises has a fifty-two week low of $6.75 and a fifty-two week high of $9.50. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.45 and a quick ratio of 3.45. The stock has a market cap of $391.49, a P/E ratio of 33.46 and a beta of 0.65.

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

Several institutional investors have recently modified their holdings of MGIC. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Magic Software Enterprises by 12.5% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,202,004 shares of the software maker’s stock worth $10,457,000 after acquiring an additional 134,013 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Magic Software Enterprises during the 2nd quarter worth $544,000. Naples Global Advisors LLC purchased a new position in shares of Magic Software Enterprises during the 4th quarter worth $560,000. Macquarie Group Ltd. purchased a new position in shares of Magic Software Enterprises during the 3rd quarter worth $518,000. Finally, AXA purchased a new position in shares of Magic Software Enterprises during the 2nd quarter worth $176,000. Institutional investors and hedge funds own 9.32% of the company’s stock.

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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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