Magic Software Enterprises (NASDAQ:MGIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday, Zacks.com reports.
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) “
MGIC stock traded down $0.07 during mid-day trading on Monday, hitting $19.65. The company had a trading volume of 24,995 shares, compared to its average volume of 31,860. The firm has a market cap of $964.28 million, a PE ratio of 34.47 and a beta of 1.37. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.43 and a current ratio of 2.43. Magic Software Enterprises has a 12 month low of $14.87 and a 12 month high of $25.49. The stock’s fifty day moving average price is $21.75 and its two-hundred day moving average price is $20.28.
Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings data on Monday, November 15th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.21 by $0.03. The business had revenue of $120.87 million for the quarter, compared to analyst estimates of $113.00 million. Magic Software Enterprises had a net margin of 6.20% and a return on equity of 16.26%. During the same quarter in the previous year, the firm posted $0.19 earnings per share. Equities analysts anticipate that Magic Software Enterprises will post 0.9 earnings per share for the current year.
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A number of hedge funds have recently made changes to their positions in MGIC. Morgan Stanley raised its position in shares of Magic Software Enterprises by 33.0% in the first quarter. Morgan Stanley now owns 5,855 shares of the software maker’s stock valued at $89,000 after purchasing an additional 1,452 shares during the period. Swiss National Bank raised its position in shares of Magic Software Enterprises by 6.9% in the second quarter. Swiss National Bank now owns 59,633 shares of the software maker’s stock valued at $963,000 after purchasing an additional 3,853 shares during the period. Citigroup Inc. bought a new stake in shares of Magic Software Enterprises in the second quarter valued at approximately $32,000. Susquehanna International Group LLP raised its position in shares of Magic Software Enterprises by 125.3% in the second quarter. Susquehanna International Group LLP now owns 10,830 shares of the software maker’s stock valued at $176,000 after purchasing an additional 6,024 shares during the period. Finally, Natixis Advisors L.P. bought a new stake in shares of Magic Software Enterprises in the second quarter valued at approximately $241,000. 18.34% of the stock is currently owned by institutional investors and hedge funds.
Magic Software Enterprises Company Profile
Magic Software Enterprises Ltd. engages in the provision of proprietary application development and business process integration platforms, vertical software solutions, and vendor of information technology (IT) outsourcing software services. It operates through Software Services and IT Professional Services segments.
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