Magic Software Enterprises (NASDAQ:MGIC) Stock Rating Lowered by StockNews.com

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

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

Magic Software Enterprises Stock Performance

Magic Software Enterprises stock opened at $11.95 on Thursday. The firm has a 50 day simple moving average of $11.28 and a 200-day simple moving average of $10.92. Magic Software Enterprises has a 1-year low of $9.00 and a 1-year high of $12.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76. The stock has a market cap of $586.75 million, a price-to-earnings ratio of 17.07 and a beta of 1.08.

Hedge Funds Weigh In On Magic Software Enterprises

A number of hedge funds have recently made changes to their positions in MGIC. CANADA LIFE ASSURANCE Co boosted its position in shares of Magic Software Enterprises by 722.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock worth $177,000 after purchasing an additional 13,469 shares during the period. Acadian Asset Management LLC lifted its holdings in Magic Software Enterprises by 2,254.6% during the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after buying an additional 65,540 shares in the last quarter. Y.D. More Investments Ltd acquired a new stake in Magic Software Enterprises during the 2nd quarter worth approximately $1,451,000. Dimensional Fund Advisors LP lifted its holdings in Magic Software Enterprises by 14.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock worth $2,201,000 after buying an additional 29,635 shares in the last quarter. Finally, Inspire Investing LLC acquired a new stake in Magic Software Enterprises during the 3rd quarter worth approximately $880,000. Hedge funds and other 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.