Magic Software Enterprises (NASDAQ:MGIC) Lowered to Market Perform Rating by William Blair

William Blair downgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from an outperform rating to a market perform rating in a research report report published on Wednesday morning, Marketbeat reports.

Other research analysts have also recently issued research reports about the stock. StockNews.com cut shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 26th. Barclays lifted their price target on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th.

Magic Software Enterprises Stock Up 4.5 %

Shares of Magic Software Enterprises stock opened at $13.99 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. Magic Software Enterprises has a 52-week low of $9.51 and a 52-week high of $14.04. The stock has a market capitalization of $686.90 million, a price-to-earnings ratio of 19.99 and a beta of 1.11. The company’s 50 day moving average price is $12.58 and its 200-day moving average price is $11.84.

Magic Software Enterprises (NASDAQ:MGIC) last issued its earnings results on Tuesday, March 11th. The software maker reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.01). Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. The firm had revenue of $142.58 million during the quarter, compared to the consensus estimate of $137.00 million. Equities research analysts forecast that Magic Software Enterprises will post 0.95 EPS for the current year.

Institutional Trading of Magic Software Enterprises

Large investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc boosted its holdings in Magic Software Enterprises by 100.0% in the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock valued at $48,000 after acquiring an additional 2,000 shares in the last quarter. Barclays PLC lifted its position in Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after buying an additional 5,685 shares during the period. Public Employees Retirement System of Ohio purchased a new position in Magic Software Enterprises during the third quarter valued at $115,000. Altshuler Shaham Ltd purchased a new position in Magic Software Enterprises during the fourth quarter valued at $138,000. Finally, Man Group plc purchased a new position in Magic Software Enterprises during the fourth quarter valued at $145,000. Institutional investors own 24.70% of the company’s stock.

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.