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

StockNews.com downgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from a strong-buy rating to a buy rating in a research report report published on Wednesday morning.

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 report on Tuesday, November 19th.

Magic Software Enterprises Trading Up 0.4 %

Magic Software Enterprises stock opened at $12.30 on Wednesday. Magic Software Enterprises has a 52 week low of $9.51 and a 52 week high of $13.46. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The firm has a market capitalization of $603.92 million, a PE ratio of 17.57 and a beta of 1.11. The business’s 50-day simple moving average is $12.46 and its 200-day simple moving average is $11.70.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MGIC. IFP Advisors Inc grew its position in Magic Software Enterprises by 100.0% during the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock worth $48,000 after buying an additional 2,000 shares in the last quarter. Barclays PLC lifted its position in shares of Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after acquiring an additional 5,685 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Magic Software Enterprises during the 3rd quarter worth approximately $115,000. Altshuler Shaham Ltd bought a new stake in shares of Magic Software Enterprises during the fourth quarter valued at approximately $138,000. Finally, Man Group plc acquired a new position in shares of Magic Software Enterprises in the fourth quarter valued at $145,000. Institutional investors own 24.70% of the company’s stock.

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.