Zacks Investment Research Downgrades Magic Software Enterprises (MGIC) to Sell

Magic Software Enterprises (NASDAQ:MGIC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.

According to Zacks, “Magic Software Enterprises, a member of the Formula Group, develops, markets and supports software development and deployment technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners. (PRESS RELEASE) “

A number of other brokerages have also issued reports on MGIC. BidaskClub lowered shares of Magic Software Enterprises from a “sell” rating to a “strong sell” rating in a research report on Tuesday, January 23rd. Barclays reiterated a “buy” rating and issued a $10.50 target price on shares of Magic Software Enterprises in a research report on Thursday, November 16th. Finally, HC Wainwright set a $10.00 target price on shares of Magic Software Enterprises and gave the company a “buy” rating in a research report on Monday, November 20th. Two investment analysts have rated the stock with a sell rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $9.81.

Magic Software Enterprises (NASDAQ:MGIC) opened at $9.10 on Wednesday. The company has a market cap of $407.07 and a PE ratio of 19.06. The company has a current ratio of 3.45, a quick ratio of 3.45 and a debt-to-equity ratio of 0.16. Magic Software Enterprises has a 12-month low of $7.00 and a 12-month high of $9.50.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings results on Tuesday, November 14th. The software maker reported $0.12 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.03). The firm had revenue of $65.70 million for the quarter, compared to the consensus estimate of $62.65 million. Magic Software Enterprises had a return on equity of 10.37% and a net margin of 4.77%. The firm’s revenue was up 20.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 EPS. research analysts expect that Magic Software Enterprises will post 0.55 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its position in Magic Software Enterprises by 11.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 19,858 shares of the software maker’s stock valued at $158,000 after buying an additional 2,000 shares in the last quarter. Macquarie Group Ltd. bought a new position in Magic Software Enterprises in the 3rd quarter valued at about $518,000. Bank of New York Mellon Corp bought a new position in Magic Software Enterprises in the 2nd quarter valued at about $544,000. Naples Global Advisors LLC bought a new position in Magic Software Enterprises in the 4th quarter valued at about $560,000. Finally, Clal Insurance Enterprises Holdings Ltd grew its position in Magic Software Enterprises by 0.9% in the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,196,982 shares of the software maker’s stock valued at $10,414,000 after buying an additional 10,962 shares in the last quarter. Hedge funds and other institutional investors own 9.47% of the company’s stock.

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Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. is a provider of application development, business process integration platforms, vertical software solutions and related professional services. The Company is a vendor of information technology (IT) outsourcing services. Its software technology is used by customers to develop, deploy and integrate on premise, mobile and cloud-based business.

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