Magic Software Enterprises (NASDAQ:MGIC)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a research note issued to investors on Thursday, AnalystRatings.com reports. They currently have a $10.00 price objective on the software maker’s stock. HC Wainwright’s price objective suggests a potential upside of 15.21% from the company’s previous close.
MGIC has been the subject of a number of other reports. Zacks Investment Research raised Magic Software Enterprises from a “sell” rating to a “hold” rating in a research report on Tuesday, April 2nd. BidaskClub raised Magic Software Enterprises from a “hold” rating to a “buy” rating in a report on Friday, March 1st. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. Magic Software Enterprises currently has an average rating of “Hold” and an average price target of $9.75.
Shares of MGIC opened at $8.68 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.50 and a quick ratio of 3.50. The company has a market cap of $434.64 million, a P/E ratio of 15.78 and a beta of 0.91. Magic Software Enterprises has a 12 month low of $7.29 and a 12 month high of $10.20.
Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings results on Thursday, May 16th. The software maker reported $0.14 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.14. The company had revenue of $71.80 million during the quarter, compared to the consensus estimate of $75.30 million. Magic Software Enterprises had a return on equity of 10.83% and a net margin of 7.21%. On average, equities research analysts predict that Magic Software Enterprises will post 0.59 EPS for the current year.
Institutional investors have recently bought and sold shares of the company. Van ECK Associates Corp boosted its holdings in shares of Magic Software Enterprises by 20.2% in the fourth quarter. Van ECK Associates Corp now owns 9,359 shares of the software maker’s stock worth $71,000 after acquiring an additional 1,571 shares during the period. Advisors Asset Management Inc. bought a new position in shares of Magic Software Enterprises in the fourth quarter worth $124,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Magic Software Enterprises by 22.8% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,024 shares of the software maker’s stock worth $153,000 after acquiring an additional 3,715 shares during the period. Jane Street Group LLC boosted its holdings in shares of Magic Software Enterprises by 10.3% in the first quarter. Jane Street Group LLC now owns 22,270 shares of the software maker’s stock worth $186,000 after acquiring an additional 2,071 shares during the period. Finally, Seizert Capital Partners LLC bought a new position in shares of Magic Software Enterprises in the first quarter worth $228,000. 15.44% of the stock is owned by hedge funds and other institutional investors.
Magic Software Enterprises Company Profile
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.
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