StockNews.com raised Magic Software Enterprises (NASDAQ:MGIC – Get Free Report ) from a “buy” rating to a “strong buy” rating in a research note issued on Saturday.
Magic Software Enterprises shares fell 0.3%
MGIC opened trading at $11.68 on Friday. The company has a market capitalization of $573.49 million, a price-to-earnings ratio of 16.00 and a beta of 1.06. Magic Software Enterprises Inc.’s one-year low and high are $8.15 and $13.20. The company’s 50-day moving average is $10.63 and 200-day moving average is $11.03. The company’s current ratio is 1.69, quick ratio is 1.69 and debt-to-equity ratio is 0.14.
Magic Software Enterprises (NASDAQ:MGIC – Get free report ) announced its latest earnings results on Thursday, May 16th. The software maker reported quarterly EPS of $0.23, beating the consensus estimate of $0.21 by $0.02. The company had revenue of $130.72 million for the quarter, compared to analyst expectations of $126.80 million. Magic Software Enterprises had an ROE of 16.36% and a net margin of 6.83%. Sell-side analysts expect Magic Software Enterprises to post earnings of $0.95 per share for the current year.
Institutional investor inflows and outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cantonal Bank of Zurich increased its holdings in Magic Software Enterprises by 61.5% in the fourth quarter. Cantonal Bank of Zurich now owns 5,942 shares of the software maker’s stock valued at $58,000 after purchasing an additional 2,263 shares in the last quarter. Colonial River Wealth Management LLC acquired a new stake in Magic Software Enterprises in the fourth quarter valued at $127,000. Canada Life Assurance increased its holdings in Magic Software Enterprises by 722.2% in the first quarter. Canada Life Assurance now owns 15,334 shares of the software maker’s stock valued at $177,000 after purchasing an additional 13,469 shares in the last quarter. Quadrature Capital acquired a new stake in Magic Software Enterprises during the first quarter, valued at $593,000. Finally, Wellington Management Group increased its holdings in Magic Software Enterprises by 1.6% during the fourth quarter. Wellington Management Group now owns 683,357 shares of the software maker’s stock, valued at $6,622,000, after purchasing an additional 11,010 shares in the last quarter. 24.70% of the stock is held by institutional investors.
About Magic Software Enterprises
(Get your free report)
Magic Software Enterprises Ltd. provides unique application development, vertical software solutions, business process integration, information technology (IT) outsourcing software services and cloud-based services in Israel and abroad. The company’s software services division develops, sells and supports application platforms, software applications, business and process integration solutions and related services.
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