Barclays Forecasts Strong Price Appreciation for Magic Software Enterprises (NASDAQ:MGIC) Stock

Magic Software Enterprises (NASDAQ:MGIC) had its price target hoisted by investment analysts at Barclays from $15.00 to $16.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the software maker’s stock. Barclays‘s target price suggests a potential upside of 15.27% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. William Blair cut Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a report on Wednesday. StockNews.com lowered Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 26th.

Magic Software Enterprises Stock Performance

Shares of MGIC opened at $13.88 on Thursday. The stock’s 50-day simple moving average is $12.65 and its 200 day simple moving average is $11.87. The stock has a market capitalization of $681.49 million, a price-to-earnings ratio of 19.83 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. Magic Software Enterprises has a 52-week low of $9.51 and a 52-week high of $14.04.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Tuesday, March 11th. The software maker reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.01). Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. The company had revenue of $142.58 million for the quarter, compared to analysts’ expectations of $137.00 million. Research analysts forecast that Magic Software Enterprises will post 0.95 EPS for the current fiscal year.

Institutional Investors Weigh In On Magic Software Enterprises

A number of large investors have recently made changes to their positions in the business. Truffle Hound Capital LLC purchased a new position in shares of Magic Software Enterprises in the 4th quarter valued at approximately $5,173,000. Dimensional Fund Advisors LP raised its stake in shares of Magic Software Enterprises by 4.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 240,841 shares of the software maker’s stock worth $2,896,000 after purchasing an additional 9,752 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Magic Software Enterprises in the fourth quarter worth $1,392,000. JPMorgan Chase & Co. grew its holdings in shares of Magic Software Enterprises by 21.1% in the fourth quarter. JPMorgan Chase & Co. now owns 112,782 shares of the software maker’s stock worth $1,357,000 after acquiring an additional 19,616 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of Magic Software Enterprises by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 58,105 shares of the software maker’s stock worth $699,000 after acquiring an additional 2,587 shares during the period. 24.70% of the stock is currently owned by institutional investors.

Magic Software Enterprises Company Profile

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.