Barclays PLC set a $9.00 price objective on Magic Software Enterprises Ltd. (NASDAQ:MGIC) in a research report released on Thursday morning. The firm currently has a a buy rating on the stock.

Several other equities research analysts have also recently weighed in on the company. Compass Point cut Magic Software Enterprises from a buy rating to a neutral rating in a research note on Wednesday, October 19th. Zacks Investment Research cut Magic Software Enterprises from a buy rating to a hold rating in a research note on Wednesday, October 12th.

Shares of Magic Software Enterprises (NASDAQ:MGIC) opened at 7.20 on Thursday. The stock has a market cap of $317.75 million, a PE ratio of 20.63 and a beta of 0.77. Magic Software Enterprises has a 12-month low of $5.13 and a 12-month high of $7.89. The firm has a 50-day moving average price of $7.25 and a 200 day moving average price of $7.13.

Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Thursday, November 10th. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by $0.02. The firm earned $54.50 million during the quarter, compared to analysts’ expectations of $50.10 million. Magic Software Enterprises had a return on equity of 10.41% and a net margin of 7.95%. Magic Software Enterprises’s quarterly revenue was up 19.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.13 earnings per share. Equities research analysts expect that Magic Software Enterprises will post $0.51 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGIC. Harel Insurance Investments & Financial Services Ltd. boosted its position in 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 in the last quarter. Menora Mivtachim Holdings LTD. boosted its position in 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 in the last quarter. O Shaughnessy Asset Management LLC boosted its position in 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 in the last quarter. Geode Capital Management LLC boosted its position in Magic Software Enterprises by 9.6% in the first quarter. Geode Capital Management LLC now owns 22,249 shares of the company’s stock worth $150,000 after buying an additional 1,941 shares in the last quarter. Finally, GHP Investment Advisors Inc. boosted its position in Magic Software Enterprises by 24.7% in the third quarter. GHP Investment Advisors Inc. now owns 17,990 shares of the company’s stock worth $128,000 after buying an additional 3,560 shares in the last quarter. 8.52% of the stock is currently owned by hedge funds and other institutional investors.

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.

5 Day Chart for NASDAQ:MGIC

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