Magic Software Enterprises’ (MGIC) “Overweight” Rating Reiterated at Barclays PLC
Barclays PLC reaffirmed their overweight rating on shares of Magic Software Enterprises Ltd (NASDAQ:MGIC) in a report issued on Wednesday, May 17th. The brokerage currently has a $10.00 target price on the software maker’s stock, up from their previous target price of $9.50.
Other equities analysts have also recently issued reports about the company. Rodman & Renshaw restated a buy rating and set a $9.00 price objective (up from $8.00) on shares of Magic Software Enterprises in a research note on Monday, March 6th. Zacks Investment Research upgraded Magic Software Enterprises from a hold rating to a buy rating and set a $8.50 price objective on the stock in a research note on Tuesday, February 28th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Magic Software Enterprises presently has an average rating of Buy and an average price target of $9.50.
Shares of Magic Software Enterprises (NASDAQ:MGIC) traded down 1.82% during midday trading on Wednesday, hitting $8.10. 29,765 shares of the stock traded hands. Magic Software Enterprises has a 52-week low of $6.46 and a 52-week high of $8.70. The company has a market cap of $357.47 million, a price-to-earnings ratio of 28.83 and a beta of 0.65. The stock has a 50-day moving average of $7.94 and a 200-day moving average of $7.49.
Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Tuesday, May 16th. The software maker reported $0.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.01. The company had revenue of $60.80 million during the quarter, compared to analysts’ expectations of $49.90 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 36.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.11 EPS. On average, equities analysts predict that Magic Software Enterprises will post $0.53 earnings per share for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in MGIC. Unterberg Capital LLC bought a new position in Magic Software Enterprises during the fourth quarter worth $8,130,000. Brandes Investment Partners LP raised its stake in shares of Magic Software Enterprises by 65.7% in the first quarter. Brandes Investment Partners LP now owns 18,210 shares of the software maker’s stock worth $142,000 after buying an additional 7,221 shares during the last quarter. Denver Investment Advisors LLC raised its stake in shares of Magic Software Enterprises by 0.6% in the first quarter. Denver Investment Advisors LLC now owns 1,394,025 shares of the software maker’s stock worth $10,873,000 after buying an additional 8,354 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd acquired a new stake in shares of Magic Software Enterprises during the first quarter worth approximately $613,000. Finally, Eagle Global Advisors LLC raised its stake in shares of Magic Software Enterprises by 11.0% in the first quarter. Eagle Global Advisors LLC now owns 70,783 shares of the software maker’s stock worth $552,000 after buying an additional 7,000 shares during the last quarter. Institutional investors and hedge funds own 10.57% of the company’s stock.
Magic Software Enterprises Company Profile
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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