Magic Software Enterprises (NASDAQ:MGIC – Received Rating) In a report published Thursday, StockNews.com equity researchers downgraded the stock from a ‘strong buy’ rating to a ‘buy’ rating.
Magic Software Enterprises stock gains 1.3%
Magic Software Enterprises shares rose $0.20 in Thursday trading to reach $15.71. The company’s trading volume was his 13,214 shares, compared to the company’s average trading volume of 22,428 shares. The company has a market capitalization of $770.94 million, a price/earnings ratio of 24.55 and a beta of 1.18. Magic Software Enterprises has a 52-week low of $14.01 and a 52-week high of $21.67. The company has a 50-day moving average of $16.12 and a 200-day moving average of $16.96. The company has a debt to equity ratio of 0.14, a quick ratio of 1.97 and a current ratio of 1.97.
Magic Software Enterprises (NASDAQ:MGIC – Get Rating) last announced its financial results on Monday, November 14th. The software maker reported EPS of $0.28 for the quarter, beating analyst consensus forecast of $0.27 by $0.01. Magic Software Enterprises had a return on equity of 18.81% and a net profit margin of 5.99%. The company posted revenue of $143.96 million for the quarter, compared to consensus expectations of $131.7 million. On average, analysts expect Magic Software Enterprises to post 1.03 EPS this year.
Institutional investors focus on magic software companies
Many institutional investors have recently changed their stakes in businesses. Royal Bank of Canada increased its stake in Magic Software Enterprises by 666.7% in the first quarter. Royal Bank of Canada now owns 2,300 shares of the software maker worth $39,000 after acquiring another 2,000 shares during this period. Lazard Asset Management LLC boosted his position in Magic Software Enterprises by 25.2% in the second quarter. After Lazard Asset Management LLC purchased an additional 1,245 of his shares during this period, he now owns 6,176 shares of the software maker worth $109,000. Van ECK Associates Corp increased its stake in Magic Software Enterprises by 9.9% in the second quarter. Van ECK Associates Corp now owns 6,161 shares of the software maker worth $109,000 after purchasing an additional 555 shares last quarter. Bank of America Corp DE increased its position in Magic Software Enterprises by 114.3% in the first quarter. Bank of America Corp DE now owns 10,941 shares of the software maker worth $189,000 after purchasing an additional 5,836 shares during this period. Finally, Eqis Capital Management Inc. increased its position in Magic Software Enterprises by 30.7% in the third quarter. Eqis Capital Management Inc. now owns 14,903 shares of software maker stock valued at $232,000 after purchasing an additional 3,501 shares during this period. Institutional investors own 18.24% of the company’s shares.
About Magic Software Enterprise
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and information technology (IT) outsourcing software services in Israel and internationally. The Company’s Software Services segment develops, markets, sells, and supports application platforms, software applications, and business and process integration solutions and related services.
This instant news alert was generated by Narrative Science Technology and MarketBeat financial data to provide our readers with the fastest and most accurate reporting. This article was reviewed by MarketBeat’s editorial team prior to publication. Send any questions or comments about this story to [email protected]
Listen to this before you consider Magic Software Enterprises.
MarketBeat tracks Wall Street’s most acclaimed and top performing research analysts and the stocks they recommend to clients every day. MarketBeat has identified 5 stocks top analysts are quietly whispering to their clients to buy now before the broader market catches on…and Magic Software Enterprises is not on the list. did.
Magic Software Enterprises currently has a ‘hold’ rating among analysts, but top rated analysts believe these five stocks are better buys.
See 5 stocks here