Magic Software Enterprises Ltd. (MGIC) Downgraded by Zacks Investment Research to “Sell”

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

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) “

Other analysts also recently issued research reports about the company. Barclays PLC set a $9.00 price objective on Magic Software Enterprises and gave the stock a “buy” rating in a research note on Thursday, August 11th. Compass Point downgraded Magic Software Enterprises from a “buy” rating to a “neutral” rating in a research note on Wednesday, October 19th.

Magic Software Enterprises (NASDAQ:MGIC) opened at 7.20 on Tuesday. The company has a market cap of $317.75 million, a P/E ratio of 20.63 and a beta of 0.77. Magic Software Enterprises has a 12-month low of $5.13 and a 12-month high of $7.89. The firm has a 50-day moving average price of $7.25 and a 200-day moving average price of $7.13.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Thursday, November 10th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.02. Magic Software Enterprises had a return on equity of 10.41% and a net margin of 7.95%. The firm earned $54.50 million during the quarter, compared to the consensus estimate of $50.10 million. During the same period in the previous year, the firm earned $0.13 EPS. The business’s revenue was up 19.4% compared to the same quarter last year. On average, equities research analysts forecast that Magic Software Enterprises will post $0.51 earnings per share for the current fiscal year.

Several institutional investors have recently made changes to their positions in MGIC. Harel Insurance Investments & Financial Services Ltd. boosted its position 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 during the period. Menora Mivtachim Holdings LTD. boosted its position 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 during the period. O Shaughnessy Asset Management LLC boosted its position 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 during the period. Finally, GHP Investment Advisors Inc. boosted its position in shares of Magic Software Enterprises by 24.7% in the third quarter. GHP Investment Advisors Inc. now owns 17,990 shares of the company’s stock worth $128,000 after buying an additional 3,560 shares during the period. Hedge funds and other institutional investors own 8.52% of the company’s stock.

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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