Zacks Investment Research cut shares of Magic Software Enterprises (NASDAQ:MGIC) from a hold rating to a sell rating in a research report report published on Friday morning.

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) “

MGIC has been the topic of several other reports. BidaskClub raised Magic Software Enterprises from a sell rating to a hold rating in a research report on Saturday, November 3rd. HC Wainwright set a $10.00 target price on Magic Software Enterprises and gave the stock a buy rating in a research report on Thursday, August 9th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. Magic Software Enterprises has a consensus rating of Hold and an average price target of $9.75.

Shares of MGIC opened at $8.12 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.91 and a current ratio of 3.91. The firm has a market capitalization of $401.27 million, a P/E ratio of 17.65 and a beta of 0.82. Magic Software Enterprises has a twelve month low of $7.75 and a twelve month high of $9.25.

Magic Software Enterprises (NASDAQ:MGIC) last issued its earnings results on Tuesday, November 13th. The software maker reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.02). The firm had revenue of $72.14 million during the quarter, compared to analysts’ expectations of $73.35 million. Magic Software Enterprises had a return on equity of 11.02% and a net margin of 6.88%. Equities research analysts expect that Magic Software Enterprises will post 0.57 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in MGIC. Acadian Asset Management LLC acquired a new stake in Magic Software Enterprises in the 3rd quarter valued at $136,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Magic Software Enterprises in the 3rd quarter valued at $139,000. Jane Street Group LLC acquired a new stake in Magic Software Enterprises in the 2nd quarter valued at $259,000. Virtu Financial LLC acquired a new stake in Magic Software Enterprises in the 3rd quarter valued at $455,000. Finally, Ramsey Quantitative Systems increased its holdings in Magic Software Enterprises by 54.4% in the 3rd quarter. Ramsey Quantitative Systems now owns 60,989 shares of the software maker’s stock valued at $518,000 after purchasing an additional 21,479 shares in the last quarter. Hedge funds and other institutional investors own 13.48% of the company’s stock.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.

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