Magic Software Enterprises (NASDAQ:MGIC) Lowered to Market Perform Rating by William Blair

William Blair lowered shares of Magic Software Enterprises (NASDAQ:MGIC) from an outperform rating to a market perform rating in a research note published on Wednesday morning, Marketbeat Ratings reports.

MGIC has been the subject of several other research reports. Barclays lifted their price target on Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. StockNews.com lowered Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 26th.

Magic Software Enterprises Stock Performance

Shares of Magic Software Enterprises stock opened at $13.99 on Wednesday. The business has a fifty day simple moving average of $12.58 and a two-hundred day simple moving average of $11.84. 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 market capitalization of $686.90 million, a P/E ratio of 19.99 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.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings results 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 return on equity of 15.42% and a net margin of 6.49%. On average, equities analysts forecast that Magic Software Enterprises will post 0.95 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magic Software Enterprises

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Truffle Hound Capital LLC bought a new position in Magic Software Enterprises during the 4th quarter valued at about $5,173,000. Dimensional Fund Advisors LP lifted its stake in Magic Software Enterprises by 4.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 240,841 shares of the software maker’s stock valued at $2,896,000 after acquiring an additional 9,752 shares during the period. Bank of New York Mellon Corp bought a new position in Magic Software Enterprises during the 4th quarter valued at about $1,392,000. JPMorgan Chase & Co. lifted its stake in Magic Software Enterprises by 21.1% during the 4th quarter. JPMorgan Chase & Co. now owns 112,782 shares of the software maker’s stock valued at $1,357,000 after acquiring an additional 19,616 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Magic Software Enterprises by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 58,105 shares of the software maker’s stock valued at $699,000 after acquiring an additional 2,587 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.