Magic Software Enterprises Ltd. (NASDAQ:MGIC) received a $10.00 target price from stock analysts at HC Wainwright in a research note issued to investors on Thursday. The brokerage currently has a “buy” rating on the software maker’s stock. HC Wainwright’s price target points to a potential upside of 22.70% from the company’s previous close.

A number of other research firms also recently issued reports on MGIC. Zacks Investment Research raised shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. BidaskClub raised shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Rodman & Renshaw reaffirmed a “buy” rating and set a $10.00 price objective (up from $9.00) on shares of Magic Software Enterprises in a report on Wednesday, May 17th. Finally, Barclays PLC reaffirmed an “overweight” rating and set a $10.00 price objective (up from $9.50) on shares of Magic Software Enterprises in a report on Wednesday, May 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $9.63.

Magic Software Enterprises (NASDAQ MGIC) opened at 8.15 on Thursday. The stock has a 50 day moving average price of $8.01 and a 200-day moving average price of $7.82. Magic Software Enterprises has a 52 week low of $6.51 and a 52 week high of $8.70. The company has a market capitalization of $359.68 million, a PE ratio of 29.00 and a beta of 0.64.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings data on Wednesday, August 9th. The software maker reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. Magic Software Enterprises had a net margin of 5.73% and a return on equity of 10.22%. The company had revenue of $65.50 million during the quarter, compared to the consensus estimate of $52.65 million. During the same period in the previous year, the firm posted $0.12 EPS. The firm’s revenue was up 38.2% compared to the same quarter last year. On average, equities analysts predict that Magic Software Enterprises will post $0.54 earnings per share for the current fiscal year.

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A number of hedge funds have recently bought and sold shares of MGIC. Edmond DE Rothschild Holding S.A. increased its stake in Magic Software Enterprises by 3.5% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 73,000 shares of the software maker’s stock valued at $569,000 after buying an additional 2,500 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd acquired a new stake in Magic Software Enterprises during the first quarter valued at $613,000. Brandes Investment Partners LP increased its stake in Magic Software Enterprises by 65.7% in the first quarter. Brandes Investment Partners LP now owns 18,210 shares of the software maker’s stock valued at $142,000 after buying an additional 7,221 shares in the last quarter. Eagle Global Advisors LLC increased its stake in Magic Software Enterprises by 12.7% in the second quarter. Eagle Global Advisors LLC now owns 79,783 shares of the software maker’s stock valued at $634,000 after buying an additional 9,000 shares in the last quarter. Finally, Denver Investment Advisors LLC increased its stake in Magic Software Enterprises by 0.6% in the first quarter. Denver Investment Advisors LLC now owns 1,394,025 shares of the software maker’s stock valued at $10,873,000 after buying an additional 8,354 shares in the last quarter. 10.24% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Magic Software Enterprises (NASDAQ:MGIC)

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