Magic Software Enterprises (NASDAQ:MGIC) Raised to “Strong-Buy” at StockNews.com

Magic Software Enterprises (NASDAQ:MGIC) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Sunday.

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

Magic Software Enterprises Trading Down 1.7 %

Magic Software Enterprises stock opened at $11.84 on Friday. Magic Software Enterprises has a 52-week low of $9.38 and a 52-week high of $13.40. 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 $581.33 million, a price-to-earnings ratio of 16.91 and a beta of 1.09. The firm has a 50-day moving average price of $11.57 and a two-hundred day moving average price of $11.07.

Hedge Funds Weigh In On Magic Software Enterprises

Several large investors have recently bought and sold shares of MGIC. Inspire Investing LLC bought a new position in shares of Magic Software Enterprises in the third quarter valued at approximately $880,000. Y.D. More Investments Ltd bought a new position in Magic Software Enterprises during the 2nd quarter valued at $1,451,000. Assenagon Asset Management S.A. acquired a new position in shares of Magic Software Enterprises during the 3rd quarter valued at $1,675,000. Acadian Asset Management LLC lifted its holdings in shares of Magic Software Enterprises by 2,254.6% in the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock valued at $653,000 after buying an additional 65,540 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Magic Software Enterprises by 14.9% during the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock worth $2,201,000 after acquiring an additional 29,635 shares during the period. Institutional investors and hedge funds 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.