The Zacks Investment Research Downgrades Magic Software Enterprises Ltd. (MGIC) to Hold

The Zacks Investment Research Downgrades Magic Software Enterprises Ltd. (MGIC) to Hold

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

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) “

Separately, Barclays PLC set a $9.00 target price on shares of Magic Software Enterprises and gave the company a “buy” rating in a research report on Thursday, August 11th.

Shares of Magic Software Enterprises (NASDAQ:MGIC) opened at 7.12 on Wednesday. The stock has a market cap of $314.22 million, a price-to-earnings ratio of 20.94 and a beta of 1.04. The firm has a 50-day moving average price of $7.31 and a 200-day moving average price of $7.02. Magic Software Enterprises has a 52 week low of $5.13 and a 52 week high of $7.89.

Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Wednesday, August 10th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by $0.01. The business had revenue of $47.40 million for the quarter, compared to analyst estimates of $45.07 million. Magic Software Enterprises had a net margin of 8.43% and a return on equity of 10.60%. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.12 earnings per share. On average, equities analysts anticipate that Magic Software Enterprises will post $0.51 earnings per share for the current year.

The company also recently disclosed a dividend, which was paid on Thursday, September 22nd. Shareholders of record on Thursday, September 8th were given a $0.085 dividend. The ex-dividend date was Tuesday, September 6th. Magic Software Enterprises’s dividend payout ratio is presently 50.00%.

Large investors have recently made changes to their positions in the stock. Menora Mivtachim Holdings LTD. increased its stake in shares of Magic Software Enterprises by 261.7% in the second quarter. Menora Mivtachim Holdings LTD. now owns 174,316 shares of the company’s stock worth $1,156,000 after buying an additional 126,116 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Magic Software Enterprises by 4.9% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,062,741 shares of the company’s stock worth $7,046,000 after buying an additional 50,000 shares in the last quarter. Edmond DE Rothschild Holding S.A. increased its stake in shares of Magic Software Enterprises by 68.4% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 52,330 shares of the company’s stock worth $356,000 after buying an additional 21,250 shares in the last quarter. Menta Capital LLC increased its stake in shares of Magic Software Enterprises by 17.9% in the first quarter. Menta Capital LLC now owns 96,535 shares of the company’s stock worth $654,000 after buying an additional 14,642 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC increased its stake in shares of Magic Software Enterprises by 15.7% in the second quarter. O Shaughnessy Asset Management LLC now owns 32,773 shares of the company’s stock worth $217,000 after buying an additional 4,452 shares in the last quarter. 8.50% of the stock is currently owned by institutional investors.

About Magic Software Enterprises

Magic Software Enterprises Ltd. is a provider of application development, business process integration platforms, vertical software solutions and related professional services. The Company is a vendor of information technology (IT) outsourcing services. Its software technology is used by customers to develop, deploy and integrate on premise, mobile and cloud-based business.

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