Magic Software Enterprises (NASDAQ:MGIC) Downgraded to “Buy” Rating by StockNews.com

StockNews.com cut shares of Magic Software Enterprises (NASDAQ:MGIC) from a strong-buy rating to a buy rating in a research report report published on Wednesday morning.

Separately, Barclays raised their price objective on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th.

Magic Software Enterprises Price Performance

Shares of NASDAQ:MGIC opened at $12.50 on Wednesday. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $613.74 million, a PE ratio of 17.86 and a beta of 1.11. Magic Software Enterprises has a twelve month low of $9.51 and a twelve month high of $13.46. The company has a 50-day moving average price of $12.45 and a two-hundred day moving average price of $11.69.

Hedge Funds Weigh In On Magic Software Enterprises

A number of large investors have recently modified their holdings of MGIC. Tidal Investments LLC raised its stake in shares of Magic Software Enterprises by 4.6% during the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after acquiring an additional 1,278 shares in the last quarter. IFP Advisors Inc raised its stake in shares of Magic Software Enterprises by 100.0% during the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock worth $48,000 after acquiring an additional 2,000 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Magic Software Enterprises by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 58,105 shares of the software maker’s stock worth $699,000 after acquiring an additional 2,587 shares in the last quarter. Barclays PLC raised its stake in shares of Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after acquiring an additional 5,685 shares in the last quarter. Finally, Lazard Asset Management LLC raised its stake in shares of Magic Software Enterprises by 45.5% during the fourth quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker’s stock worth $226,000 after acquiring an additional 5,878 shares in the last quarter. 24.70% of the stock is currently owned by institutional investors.

Magic Software Enterprises Company Profile

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