Magic Software Enterprises (MGIC) Raised to “Hold” at BidaskClub
BidaskClub upgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from a sell rating to a hold rating in a research note issued to investors on Thursday morning.
Several other research firms also recently commented on MGIC. Zacks Investment Research downgraded Magic Software Enterprises from a hold rating to a sell rating in a research report on Wednesday, November 28th. HC Wainwright set a $10.00 price target on Magic Software Enterprises and gave the company a buy rating in a research note on Wednesday, November 14th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $9.75.
Magic Software Enterprises stock opened at $8.07 on Thursday. The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $393.47 million, a price-to-earnings ratio of 14.67 and a beta of 0.80. Magic Software Enterprises has a 12 month low of $7.60 and a 12 month high of $9.25.
Hedge funds have recently modified their holdings of the company. Acadian Asset Management LLC acquired a new stake in shares of Magic Software Enterprises in the third quarter valued at about $136,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Magic Software Enterprises in the third quarter valued at about $139,000. Jane Street Group LLC acquired a new stake in shares of Magic Software Enterprises in the second quarter valued at about $259,000. Virtu Financial LLC acquired a new stake in shares of Magic Software Enterprises in the third quarter valued at about $455,000. Finally, Ramsey Quantitative Systems increased its stake in shares of Magic Software Enterprises by 54.4% in the third quarter. Ramsey Quantitative Systems now owns 60,989 shares of the software maker’s stock valued at $518,000 after buying an additional 21,479 shares during the period. 14.73% of the stock is owned by institutional investors.
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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