Magic Software Enterprises (NASDAQ:MGIC) Downgraded to Hold at ValuEngine
A number of other research analysts also recently commented on MGIC. HC Wainwright set a $7.00 price target on Armata Pharmaceuticals and gave the company a buy rating in a report on Thursday, May 23rd. Zacks Investment Research raised DLH from a sell rating to a hold rating in a report on Tuesday. Finally, BidaskClub downgraded Zynerba Pharmaceuticals from a buy rating to a hold rating in a report on Wednesday, June 26th.
Shares of MGIC stock traded down $0.15 during trading hours on Thursday, reaching $8.71. The company had a trading volume of 128 shares, compared to its average volume of 18,750. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 0.08. Magic Software Enterprises has a twelve month low of $7.29 and a twelve month high of $10.20. The stock has a market capitalization of $433.17 million, a P/E ratio of 15.84 and a beta of 0.97. The company’s fifty day simple moving average is $8.73.
A number of institutional investors and hedge funds have recently modified their holdings of MGIC. Delek Group Ltd. boosted its holdings in Magic Software Enterprises by 15.4% in the first quarter. Delek Group Ltd. now owns 555,755 shares of the software maker’s stock valued at $4,623,000 after purchasing an additional 73,978 shares during the last quarter. Sphera Funds Management LTD. bought a new position in Magic Software Enterprises during the 1st quarter worth approximately $324,000. Seizert Capital Partners LLC bought a new position in Magic Software Enterprises during the 1st quarter worth approximately $228,000. Advisors Asset Management Inc. lifted its holdings in Magic Software Enterprises by 81.2% during the 1st quarter. Advisors Asset Management Inc. now owns 29,392 shares of the software maker’s stock worth $246,000 after buying an additional 13,173 shares during the last quarter. Finally, GHP Investment Advisors Inc. lifted its holdings in Magic Software Enterprises by 30.6% during the 1st quarter. GHP Investment Advisors Inc. now owns 43,081 shares of the software maker’s stock worth $360,000 after buying an additional 10,101 shares during the last quarter. 15.47% of the stock is owned by hedge funds and other institutional investors.
Magic Software Enterprises Company Profile
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.
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To view ValuEngine’s full report, visit ValuEngine’s official website.
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