Magic Software Enterprises (NASDAQ:MGIC) Rating Lowered to Buy at StockNews.com

Magic Software Enterprises (NASDAQ:MGIC) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday.

Separately, Barclays upped their price target on Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th.

Magic Software Enterprises Price Performance

Shares of NASDAQ MGIC opened at $12.26 on Friday. The firm has a market capitalization of $601.97 million, a P/E ratio of 17.51 and a beta of 1.09. The firm’s 50-day moving average price is $11.45 and its 200-day moving average price is $11.00. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. Magic Software Enterprises has a 1-year low of $9.36 and a 1-year high of $13.40.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Inspire Investing LLC bought a new stake in shares of Magic Software Enterprises during the third quarter worth about $880,000. Y.D. More Investments Ltd acquired a new position in Magic Software Enterprises during the 2nd quarter valued at about $1,451,000. Assenagon Asset Management S.A. bought a new stake in Magic Software Enterprises during the 3rd quarter worth approximately $1,675,000. Acadian Asset Management LLC raised its stake in shares of Magic Software Enterprises by 2,254.6% in the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after purchasing an additional 65,540 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Magic Software Enterprises by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock worth $2,201,000 after purchasing an additional 29,635 shares during 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.