Magic Software Enterprises (NASDAQ:MGIC) Price Target Raised to $16.00

Magic Software Enterprises (NASDAQ:MGIC) had its target price hoisted by Barclays from $15.00 to $16.00 in a research report report published on Thursday morning,Benzinga reports. They currently have an overweight rating on the software maker’s stock.

MGIC has been the subject of several other research reports. StockNews.com cut shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 26th. William Blair cut shares of Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research report on Wednesday.

Magic Software Enterprises Stock Performance

Shares of NASDAQ:MGIC opened at $13.88 on Thursday. The company has a market capitalization of $681.49 million, a price-to-earnings ratio of 19.83 and a beta of 1.11. Magic Software Enterprises has a 12 month low of $9.51 and a 12 month high of $14.04. The firm’s 50-day moving average is $12.65 and its 200 day moving average is $11.88. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Tuesday, March 11th. The software maker reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.01). The company had revenue of $142.58 million during the quarter, compared to analysts’ expectations of $137.00 million. Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. Research analysts predict that Magic Software Enterprises will post 0.95 EPS for the current year.

Hedge Funds Weigh In On Magic Software Enterprises

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGIC. IFP Advisors Inc lifted its stake in shares of Magic Software Enterprises by 100.0% in the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock worth $48,000 after buying an additional 2,000 shares in the last quarter. Barclays PLC lifted its stake in shares of Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after buying an additional 5,685 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Magic Software Enterprises in the third quarter worth about $115,000. Altshuler Shaham Ltd purchased a new position in shares of Magic Software Enterprises in the fourth quarter worth about $138,000. Finally, Man Group plc purchased a new position in shares of Magic Software Enterprises in the fourth quarter worth about $145,000. 24.70% of the stock is owned by hedge funds and other institutional investors.

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.