Magic Software Enterprises (NASDAQ:MGIC) Stock Rating Lowered by StockNews.com

StockNews.com lowered shares of Magic Software Enterprises (NASDAQ:MGIC) from a strong-buy rating to a buy rating in a report released on Tuesday.

Magic Software Enterprises Stock Performance

Shares of MGIC opened at $11.13 on Tuesday. The company has a market capitalization of $546.47 million, a PE ratio of 16.37 and a beta of 1.08. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.66 and a quick ratio of 1.66. Magic Software Enterprises has a one year low of $8.27 and a one year high of $12.99. The company’s fifty day moving average price is $11.22 and its 200 day moving average price is $10.99.

Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Wednesday, August 14th. The software maker reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. Magic Software Enterprises had a net margin of 6.41% and a return on equity of 15.63%. The business had revenue of $136.25 million during the quarter, compared to analysts’ expectations of $132.10 million. During the same quarter last year, the company earned $0.28 earnings per share. As a group, analysts expect that Magic Software Enterprises will post 0.95 earnings per share for the current year.

Hedge Funds Weigh In On Magic Software Enterprises

A number of hedge funds and other institutional investors have recently made changes to their positions in MGIC. CANADA LIFE ASSURANCE Co raised its stake in Magic Software Enterprises by 722.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock worth $177,000 after acquiring an additional 13,469 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of Magic Software Enterprises in the first quarter valued at about $593,000. Acadian Asset Management LLC lifted its position in Magic Software Enterprises by 2,254.6% during the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after buying an additional 65,540 shares in the last quarter. Y.D. More Investments Ltd bought a new stake in Magic Software Enterprises during the 2nd quarter worth about $1,451,000. Finally, Dimensional Fund Advisors LP increased its position in Magic Software Enterprises by 14.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after acquiring an additional 29,635 shares in the last quarter. 24.70% of the stock is owned by institutional investors.

About Magic Software Enterprises

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.