BidaskClub Lowers Magic Software Enterprises (MGIC) to Sell

BidaskClub downgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning.

MGIC has been the subject of several other research reports. HC Wainwright set a $10.00 price target on shares of Magic Software Enterprises and gave the stock a buy rating in a report on Thursday, August 9th. Zacks Investment Research lowered shares of Magic Software Enterprises from a hold rating to a sell rating in a report on Friday, November 16th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the stock. Magic Software Enterprises has a consensus rating of Hold and an average target price of $9.75.

Shares of MGIC traded down $0.07 during trading hours on Wednesday, hitting $7.85. The stock had a trading volume of 2,069 shares, compared to its average volume of 46,102. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.91 and a quick ratio of 3.91. Magic Software Enterprises has a fifty-two week low of $7.75 and a fifty-two week high of $9.25. The stock has a market cap of $386.16 million, a P/E ratio of 17.07 and a beta of 0.80.

Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Tuesday, November 13th. The software maker reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.02). Magic Software Enterprises had a net margin of 6.88% and a return on equity of 11.02%. The firm had revenue of $72.14 million during the quarter, compared to analyst estimates of $73.35 million. Equities analysts expect that Magic Software Enterprises will post 0.57 EPS for the current year.

Several institutional investors and hedge funds have recently modified their holdings of MGIC. Segall Bryant & Hamill LLC purchased a new stake in shares of Magic Software Enterprises during the second quarter worth approximately $2,288,000. Delek Group Ltd. grew its position in shares of Magic Software Enterprises by 105.1% during the second quarter. Delek Group Ltd. now owns 366,684 shares of the software maker’s stock worth $3,043,000 after acquiring an additional 187,943 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Magic Software Enterprises during the second quarter worth $259,000. Ramsey Quantitative Systems lifted its holdings in shares of Magic Software Enterprises by 54.4% during the third quarter. Ramsey Quantitative Systems now owns 60,989 shares of the software maker’s stock worth $518,000 after purchasing an additional 21,479 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Magic Software Enterprises by 0.9% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,292,389 shares of the software maker’s stock worth $10,985,000 after purchasing an additional 10,968 shares during the period. 14.73% of the stock is currently owned by institutional investors and hedge funds.

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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