ValuEngine upgraded shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) from a hold rating to a buy rating in a report released on Monday.

Other analysts also recently issued research reports about the stock. Rodman & Renshaw reissued a buy rating and set a $10.00 price objective (up previously from $9.00) on shares of Magic Software Enterprises in a report on Wednesday, May 17th. Zacks Investment Research raised shares of Magic Software Enterprises from a hold rating to a buy rating and set a $9.00 price objective on the stock in a report on Saturday, August 12th. HC Wainwright set a $10.00 price objective on shares of Magic Software Enterprises and gave the stock a buy rating in a report on Thursday, August 10th. BidaskClub raised shares of Magic Software Enterprises from a sell rating to a hold rating in a report on Wednesday, July 12th. Finally, Barclays PLC reissued an overweight rating and set a $10.00 price objective (up previously from $9.50) on shares of Magic Software Enterprises in a report on Wednesday, May 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. Magic Software Enterprises presently has a consensus rating of Buy and a consensus price target of $9.69.

Shares of Magic Software Enterprises (NASDAQ MGIC) opened at 8.40 on Monday. The firm has a 50-day moving average of $7.96 and a 200-day moving average of $7.94. Magic Software Enterprises has a 12-month low of $6.51 and a 12-month high of $8.70. The firm has a market cap of $370.71 million, a P/E ratio of 31.11 and a beta of 0.63.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Wednesday, August 9th. The software maker reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. The firm had revenue of $65.50 million for the quarter, compared to the consensus estimate of $52.65 million. Magic Software Enterprises had a net margin of 5.08% and a return on equity of 10.49%. The firm’s revenue was up 38.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.12 earnings per share. On average, equities analysts forecast that Magic Software Enterprises will post $0.56 earnings per share for the current fiscal year.

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The firm also recently declared a semiannual dividend, which was paid on Wednesday, September 13th. Shareholders of record on Tuesday, August 29th were issued a $0.13 dividend. This represents a dividend yield of 3.25%. The ex-dividend date was Tuesday, August 29th. This is an increase from Magic Software Enterprises’s previous semiannual dividend of $0.10. Magic Software Enterprises’s dividend payout ratio is 96.30%.

Several hedge funds and other institutional investors have recently made changes to their positions in MGIC. Eagle Global Advisors LLC lifted its holdings in shares of Magic Software Enterprises by 11.0% in the first quarter. Eagle Global Advisors LLC now owns 70,783 shares of the software maker’s stock valued at $552,000 after purchasing an additional 7,000 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd purchased a new stake in shares of Magic Software Enterprises in the first quarter valued at about $613,000. Brandes Investment Partners LP lifted its holdings in shares of 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 purchasing an additional 7,221 shares in the last quarter. Edmond DE Rothschild Holding S.A. lifted its holdings in shares of 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 purchasing an additional 2,500 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Magic Software Enterprises by 0.5% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,067,991 shares of the software maker’s stock valued at $8,491,000 after purchasing an additional 5,250 shares in the last quarter. 8.99% 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Magic Software Enterprises (NASDAQ:MGIC)

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