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

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

Separately, Barclays upped their price objective on shares of 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 Stock Down 0.2 %

Shares of NASDAQ MGIC opened at $12.50 on Wednesday. The firm has a market cap of $613.74 million, a PE ratio of 17.86 and a beta of 1.11. Magic Software Enterprises has a 12-month low of $9.51 and a 12-month high of $13.46. The company’s fifty day simple moving average is $12.45 and its 200 day simple moving average is $11.69. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13.

Institutional Trading of Magic Software Enterprises

Several institutional investors and hedge funds have recently made changes to their positions in MGIC. IFP Advisors Inc raised its holdings in shares of 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 purchasing an additional 2,000 shares during the last quarter. Barclays PLC raised its holdings in shares of Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after purchasing an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Magic Software Enterprises during the third quarter valued at about $115,000. Altshuler Shaham Ltd bought a new position in Magic Software Enterprises during the fourth quarter valued at about $138,000. Finally, Man Group plc bought a new position in Magic Software Enterprises during the fourth quarter valued at about $145,000. Hedge funds and other 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.