Zacks Investment Research cut shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) from a hold rating to a sell rating in a research note issued to investors on Tuesday.

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) “

A number of other analysts have also commented on MGIC. Barclays PLC set a $9.00 price target on Magic Software Enterprises and gave the stock a buy rating in a report on Thursday, August 11th. Compass Point lowered Magic Software Enterprises from a buy rating to a neutral rating in a report on Wednesday, October 19th.

Magic Software Enterprises (NASDAQ:MGIC) traded up 0.254% during mid-day trading on Tuesday, hitting $7.118. The stock had a trading volume of 3,592 shares. Magic Software Enterprises has a 52 week low of $5.13 and a 52 week high of $7.89. The stock has a market capitalization of $314.13 million, a P/E ratio of 20.395 and a beta of 0.77. The company’s 50 day moving average is $7.24 and its 200-day moving average is $7.13.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings results on Thursday, November 10th. The company reported $0.12 EPS for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.02. The business had revenue of $54.50 million for the quarter, compared to the consensus estimate of $50.10 million. Magic Software Enterprises had a return on equity of 10.41% and a net margin of 7.95%. The business’s revenue was up 19.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.13 earnings per share. On average, analysts expect that Magic Software Enterprises will post $0.51 EPS for the current fiscal year.

Several hedge funds have recently modified their holdings of MGIC. Harel Insurance Investments & Financial Services Ltd. raised its stake 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 valued at $7,046,000 after buying an additional 50,000 shares during the last quarter. O Shaughnessy Asset Management LLC raised its stake 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 valued at $217,000 after buying an additional 4,452 shares during the last quarter. Menora Mivtachim Holdings LTD. raised its stake 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 valued at $1,156,000 after buying an additional 126,116 shares during the last quarter. Finally, GHP Investment Advisors Inc. raised its stake in shares of Magic Software Enterprises by 24.7% in the third quarter. GHP Investment Advisors Inc. now owns 17,990 shares of the company’s stock valued at $128,000 after buying an additional 3,560 shares during the last quarter. Hedge funds and other institutional investors own 8.52% 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.

5 Day Chart for NASDAQ:MGIC

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