Magic Software Enterprises Ltd. (NASDAQ:MGIC) has been assigned an average recommendation of “Buy” from the seven analysts that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $10.00.

A number of equities analysts recently commented on the company. ValuEngine raised Magic Software Enterprises from a “hold” rating to a “buy” rating in a research note on Monday, September 11th. BidaskClub lowered Magic Software Enterprises from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Zacks Investment Research lowered Magic Software Enterprises from a “buy” rating to a “hold” rating in a research note on Wednesday, October 11th. Finally, HC Wainwright set a $10.00 price objective on Magic Software Enterprises and gave the stock a “buy” rating in a research note on Thursday, August 10th.

Magic Software Enterprises (MGIC) opened at 9.00 on Friday. The stock has a market capitalization of $397.19 million, a P/E ratio of 33.33 and a beta of 0.67. The stock has a 50 day moving average of $8.74 and a 200 day moving average of $8.15. Magic Software Enterprises has a 52-week low of $6.65 and a 52-week high of $9.50.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings data on Wednesday, August 9th. The software maker reported $0.13 EPS for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.01. The company had revenue of $65.50 million for the quarter, compared to analyst estimates of $52.65 million. Magic Software Enterprises had a return on equity of 10.49% and a net margin of 5.08%. The firm’s quarterly revenue was up 38.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.12 earnings per share. On average, equities research analysts forecast that Magic Software Enterprises will post $0.56 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings 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 buying an additional 2,000 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its stake in Magic Software Enterprises by 0.5% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,067,991 shares of the software maker’s stock valued at $8,491,000 after buying an additional 5,250 shares during the period. Eagle Global Advisors LLC lifted its stake in Magic Software Enterprises by 12.7% in the second quarter. Eagle Global Advisors LLC now owns 79,783 shares of the software maker’s stock valued at $634,000 after buying an additional 9,000 shares during the period. AXA acquired a new position in Magic Software Enterprises in the second quarter valued at approximately $176,000. Finally, 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 buying an additional 28,539 shares during the period. 8.99% of the stock is currently owned by hedge funds and other institutional investors.

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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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