Magic Software Enterprises Ltd. (NASDAQ:MGIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued 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) “

Several other analysts have also recently commented on the stock. ValuEngine upgraded shares of Magic Software Enterprises from a “hold” rating to a “buy” rating in a report on Monday, September 11th. BidaskClub cut shares of Magic Software Enterprises from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Finally, HC Wainwright set a $10.00 price target on shares of Magic Software Enterprises and gave the stock a “buy” rating in a report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. Magic Software Enterprises has a consensus rating of “Buy” and an average target price of $9.69.

Magic Software Enterprises (NASDAQ MGIC) opened at 9.40 on Wednesday. The stock has a market cap of $414.84 million, a P/E ratio of 34.81 and a beta of 0.67. Magic Software Enterprises has a 52 week low of $6.65 and a 52 week high of $9.50. The company’s 50 day moving average is $8.53 and its 200 day moving average is $8.10.

Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Wednesday, August 9th. The software maker reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.01. The business had revenue of $65.50 million for the quarter, compared to the consensus estimate of $52.65 million. Magic Software Enterprises had a net margin of 5.08% and a return on equity of 10.49%. The firm’s quarterly revenue was up 38.2% compared to the same quarter last year. During the same period last year, the firm posted $0.12 earnings per share. Equities analysts predict that Magic Software Enterprises will post $0.56 earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its stake in Magic Software Enterprises by 11.2% in the second quarter. Dimensional Fund Advisors LP now owns 19,858 shares of the software maker’s stock valued at $158,000 after acquiring an additional 2,000 shares during the last quarter. Edmond DE Rothschild Holding S.A. lifted its stake in Magic Software Enterprises by 39.1% in the second quarter. Edmond DE Rothschild Holding S.A. now owns 101,539 shares of the software maker’s stock valued at $807,000 after acquiring an additional 28,539 shares during the last quarter. AXA acquired a new stake in Magic Software Enterprises in the second quarter valued at approximately $176,000. Clal Insurance Enterprises Holdings Ltd lifted its stake in Magic Software Enterprises by 1,421.9% in the second quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,186,020 shares of the software maker’s stock valued at $9,429,000 after acquiring an additional 1,108,088 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Magic Software Enterprises in the second quarter valued at approximately $544,000. Hedge funds and other institutional investors own 8.99% 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.

Analyst Recommendations for Magic Software Enterprises (NASDAQ:MGIC)

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