Magic Software Enterprises (NASDAQ:MGIC) Rating Lowered to Buy at StockNews.com

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

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

Magic Software Enterprises Trading Down 0.3 %

MGIC stock opened at $12.26 on Friday. Magic Software Enterprises has a 52 week low of $9.36 and a 52 week high of $13.40. The company has a market capitalization of $601.95 million, a PE ratio of 17.51 and a beta of 1.09. The company’s 50-day simple moving average is $11.45 and its 200 day simple moving average is $11.00. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MGIC. Dimensional Fund Advisors LP increased its stake in shares of Magic Software Enterprises by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after buying an additional 29,635 shares during the period. Y.D. More Investments Ltd acquired a new position in shares of Magic Software Enterprises during the 2nd quarter valued at $1,451,000. Assenagon Asset Management S.A. bought a new position in Magic Software Enterprises during the third quarter worth $1,675,000. Inspire Investing LLC acquired a new stake in Magic Software Enterprises in the third quarter worth $880,000. Finally, Acadian Asset Management LLC increased its stake in Magic Software Enterprises by 2,254.6% in the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock valued at $653,000 after purchasing an additional 65,540 shares in the last quarter. 24.70% of the stock is owned by institutional investors.

Magic Software Enterprises Company Profile

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.