Magic Software Enterprises (NASDAQ:MGIC) Price Target Raised to $11.00

Magic Software Enterprises (NASDAQ:MGIC) had its price target raised by HC Wainwright from $10.00 to $11.00 in a research note released on Friday, The Fly reports. They currently have a buy rating on the software maker’s stock.

Several other research analysts also recently weighed in on the company. Zacks Investment Research downgraded Magic Software Enterprises from a buy rating to a hold rating in a report on Wednesday, October 16th. BidaskClub downgraded Magic Software Enterprises from a hold rating to a sell rating in a report on Saturday, November 9th.

MGIC traded up $0.35 during trading on Friday, hitting $10.17. The company’s stock had a trading volume of 3,613 shares, compared to its average volume of 36,064. The firm’s 50 day moving average price is $9.20 and its 200-day moving average price is $9.02. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.21 and a quick ratio of 3.21. The stock has a market cap of $477.18 million, a PE ratio of 18.49 and a beta of 0.91. Magic Software Enterprises has a twelve month low of $7.29 and a twelve month high of $10.20.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings results on Thursday, November 14th. The software maker reported $0.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.02. The company had revenue of $85.84 million during the quarter, compared to the consensus estimate of $80.05 million. Magic Software Enterprises had a return on equity of 10.95% and a net margin of 6.41%. Equities analysts anticipate that Magic Software Enterprises will post 0.59 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Optimum Investment Advisors purchased a new stake in shares of Magic Software Enterprises during the 2nd quarter valued at $27,000. BlackRock Inc. grew its stake in shares of Magic Software Enterprises by 286.9% during the 2nd quarter. BlackRock Inc. now owns 6,310 shares of the software maker’s stock valued at $57,000 after buying an additional 4,679 shares during the period. Morgan Stanley grew its stake in shares of Magic Software Enterprises by 21.1% during the 2nd quarter. Morgan Stanley now owns 8,425 shares of the software maker’s stock valued at $76,000 after buying an additional 1,466 shares during the period. Opus Capital Group LLC purchased a new stake in shares of Magic Software Enterprises during the 2nd quarter valued at $193,000. Finally, Yorktown Management & Research Co Inc purchased a new stake in shares of Magic Software Enterprises during the 3rd quarter valued at $206,000. 12.72% 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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