Magic Software Enterprises (NASDAQ:MGIC) Upgraded at StockNews.com

StockNews.com upgraded shares of Magic Software Enterprises (NASDAQ:MGICGet Rating) from a hold rating to a buy rating in a report issued on Tuesday.

Magic Software Enterprises Stock Performance

MGIC opened at $16.70 on Tuesday. Magic Software Enterprises has a 12-month low of $14.01 and a 12-month high of $22.89. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $819.47 million, a PE ratio of 26.09 and a beta of 1.15. The firm has a 50 day moving average of $15.67 and a two-hundred day moving average of $17.05.

Hedge Funds Weigh In On Magic Software Enterprises

Institutional investors have recently made changes to their positions in the company. Royal Bank of Canada increased its holdings in shares of Magic Software Enterprises by 666.7% during the 1st quarter. Royal Bank of Canada now owns 2,300 shares of the software maker’s stock valued at $39,000 after purchasing an additional 2,000 shares in the last quarter. Lazard Asset Management LLC increased its holdings in shares of Magic Software Enterprises by 25.2% during the 2nd quarter. Lazard Asset Management LLC now owns 6,176 shares of the software maker’s stock valued at $109,000 after purchasing an additional 1,245 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Magic Software Enterprises by 9.9% during the 2nd quarter. Van ECK Associates Corp now owns 6,161 shares of the software maker’s stock valued at $109,000 after purchasing an additional 555 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Magic Software Enterprises by 114.3% during the 1st quarter. Bank of America Corp DE now owns 10,941 shares of the software maker’s stock valued at $189,000 after purchasing an additional 5,836 shares in the last quarter. Finally, Eqis Capital Management Inc. increased its holdings in shares of Magic Software Enterprises by 30.7% during the 3rd quarter. Eqis Capital Management Inc. now owns 14,903 shares of the software maker’s stock valued at $232,000 after purchasing an additional 3,501 shares in the last quarter. 29.56% of the stock is owned by hedge funds and other institutional investors.

About Magic Software Enterprises

(Get Rating)

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and information technologies (IT) outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.

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