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

Magic Software Enterprises (NASDAQ:MGIC) was upgraded by StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday.

Separately, Barclays upped their price objective on shares of 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 Up 1.7 %

Shares of MGIC stock opened at $12.18 on Friday. The company has a market capitalization of $598.04 million, a price-to-earnings ratio of 17.40 and a beta of 1.09. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average price of $11.36 and a 200 day moving average price of $10.93. Magic Software Enterprises has a twelve month low of $9.00 and a twelve month high of $13.40.

Institutional Trading of Magic Software Enterprises

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Inspire Investing LLC purchased a new position in shares of Magic Software Enterprises during the 3rd quarter worth about $880,000. Y.D. More Investments Ltd acquired a new position in Magic Software Enterprises during the second quarter worth approximately $1,451,000. Assenagon Asset Management S.A. purchased a new position in Magic Software Enterprises during the third quarter worth approximately $1,675,000. Acadian Asset Management LLC boosted its holdings in shares of Magic Software Enterprises by 2,254.6% in the 2nd 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 during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of 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 during the last quarter. Hedge funds and other institutional investors own 24.70% of the company’s stock.

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.