Magic Software Enterprises (NASDAQ:MGIC) Stock Rating Lowered by StockNews.com

Magic Software Enterprises (NASDAQ:MGIC) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Thursday.

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

Magic Software Enterprises Stock Up 6.3 %

MGIC opened at $11.95 on Thursday. Magic Software Enterprises has a twelve month low of $9.00 and a twelve month high of $12.99. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average price of $11.28 and a 200 day moving average price of $10.92. The company has a market cap of $586.75 million, a PE ratio of 17.07 and a beta of 1.08.

Institutional Trading of Magic Software Enterprises

Large investors have recently bought and sold shares of the business. Copeland Capital Management LLC purchased a new stake in Magic Software Enterprises during the 3rd quarter valued at about $47,000. Barclays PLC grew its stake 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 valued at $69,000 after buying an additional 5,685 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Magic Software Enterprises in the 3rd quarter valued at approximately $115,000. CANADA LIFE ASSURANCE Co grew its stake in shares of Magic Software Enterprises by 722.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock valued at $177,000 after buying an additional 13,469 shares during the period. Finally, Tidal Investments LLC grew its stake in shares of Magic Software Enterprises by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock valued at $342,000 after buying an additional 1,278 shares during the period. Hedge funds and other institutional investors own 24.70% of the company’s stock.

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.