Zacks Investment Research cut shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) from a buy rating to a hold rating in a research report sent to investors on Wednesday.

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) “

Separately, Barclays PLC set a $9.00 target price on Magic Software Enterprises and gave the company a buy rating in a research report on Thursday, August 11th.

Shares of Magic Software Enterprises (NASDAQ:MGIC) opened at 7.15 on Wednesday. The stock has a 50 day moving average of $7.33 and a 200 day moving average of $7.02. Magic Software Enterprises has a 12-month low of $5.13 and a 12-month high of $7.89. The company has a market cap of $315.54 million, a price-to-earnings ratio of 21.03 and a beta of 1.04.

Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Wednesday, August 10th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.13 by $0.01. Magic Software Enterprises had a net margin of 8.43% and a return on equity of 10.60%. The business earned $47.40 million during the quarter, compared to the consensus estimate of $45.07 million. During the same quarter in the prior year, the firm earned $0.12 EPS. The business’s revenue was up 11.5% on a year-over-year basis. On average, equities analysts expect that Magic Software Enterprises will post $0.51 earnings per share for the current fiscal year.

The business also recently declared a dividend, which was paid on Thursday, September 22nd. Investors of record on Thursday, September 8th were issued a dividend of $0.085 per share. The ex-dividend date was Tuesday, September 6th. Magic Software Enterprises’s dividend payout ratio (DPR) is currently 50.00%.

A number of large investors have recently made changes to their positions in the company. Edmond DE Rothschild Holding S.A. increased its position in shares of Magic Software Enterprises by 68.4% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 52,330 shares of the company’s stock worth $356,000 after buying an additional 21,250 shares during the period. Menta Capital LLC increased its position in shares of Magic Software Enterprises by 17.9% in the first quarter. Menta Capital LLC now owns 96,535 shares of the company’s stock worth $654,000 after buying an additional 14,642 shares during the period. Menora Mivtachim Holdings LTD. increased its position in shares of Magic Software Enterprises by 261.7% in the second quarter. Menora Mivtachim Holdings LTD. now owns 174,316 shares of the company’s stock worth $1,156,000 after buying an additional 126,116 shares during the period. O Shaughnessy Asset Management LLC increased its position in shares of Magic Software Enterprises by 15.7% in the second quarter. O Shaughnessy Asset Management LLC now owns 32,773 shares of the company’s stock worth $217,000 after buying an additional 4,452 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Magic Software Enterprises by 4.9% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,062,741 shares of the company’s stock worth $7,046,000 after buying an additional 50,000 shares during the period. Institutional investors and hedge funds own 8.50% of the company’s stock.

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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