Magic Software Enterprises (NASDAQ:MGIC) Cut to “Buy” at StockNews.com

Magic Software Enterprises (NASDAQ:MGIC) was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Wednesday.

Separately, Barclays boosted their price target on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th.

Magic Software Enterprises Stock Down 2.0 %

Shares of NASDAQ MGIC opened at $12.25 on Wednesday. Magic Software Enterprises has a 52-week low of $9.51 and a 52-week high of $13.46. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The stock has a market cap of $601.46 million, a P/E ratio of 17.50 and a beta of 1.11. The firm has a 50 day moving average price of $12.45 and a 200 day moving average price of $11.70.

Hedge Funds Weigh In On Magic Software Enterprises

Hedge funds have recently modified their holdings of the stock. Assenagon Asset Management S.A. bought a new stake in Magic Software Enterprises during the third quarter worth $1,675,000. Public Employees Retirement System of Ohio bought a new stake in shares of Magic Software Enterprises in the 3rd quarter valued at about $115,000. Barclays PLC raised its holdings in shares of Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after purchasing an additional 5,685 shares during the period. Tidal Investments LLC grew its holdings in Magic Software Enterprises by 4.6% during the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after purchasing an additional 1,278 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Magic Software Enterprises by 77.4% during the third quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock worth $1,101,000 after purchasing an additional 40,642 shares during the period. Institutional investors own 24.70% of the company’s stock.

About Magic Software Enterprises

Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud-based services in Israel and internationally. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.