Magic Software Enterprises (NASDAQ:MGIC) Stock Rating Lowered by Wall Street Zen

Magic Software Enterprises (NASDAQ:MGIC) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Magic Software Enterprises in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $18.00.

Magic Software Enterprises Price Performance

Shares of NASDAQ MGIC opened at $17.38 on Friday. The firm has a fifty day simple moving average of $24.07 and a two-hundred day simple moving average of $22.49. Magic Software Enterprises has a 12 month low of $11.65 and a 12 month high of $28.00. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $853.36 million, a PE ratio of 21.46 and a beta of 0.73.

Institutional Investors Weigh In On Magic Software Enterprises

Several hedge funds have recently added to or reduced their stakes in the stock. XTX Topco Ltd purchased a new stake in shares of Magic Software Enterprises in the fourth quarter worth $336,000. Altshuler Shaham Ltd boosted its stake in Magic Software Enterprises by 187,232.6% in the 4th quarter. Altshuler Shaham Ltd now owns 252,899 shares of the software maker’s stock worth $6,580,000 after purchasing an additional 252,764 shares in the last quarter. Lazard Asset Management LLC grew its position in Magic Software Enterprises by 4.0% during the 4th quarter. Lazard Asset Management LLC now owns 24,734 shares of the software maker’s stock valued at $637,000 after purchasing an additional 955 shares during the last quarter. Susquehanna Advisors Group Inc. bought a new stake in Magic Software Enterprises during the 4th quarter valued at about $211,000. Finally, Dimensional Fund Advisors LP increased its stake in Magic Software Enterprises by 6.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 298,836 shares of the software maker’s stock valued at $7,697,000 after purchasing an additional 16,878 shares in the last quarter. 24.70% of the stock is owned by institutional investors.

About Magic Software Enterprises

Magic Software Enterprises Ltd. is a global provider of enterprise software solutions that enable organizations to develop, integrate and manage business applications across cloud and on-premises environments. Serving clients in industries such as financial services, healthcare, manufacturing and distribution, the company’s platforms are designed to accelerate digital transformation by streamlining the creation of web, desktop and mobile applications while ensuring seamless data flow between disparate systems.

The company’s flagship offering, the Magic xpa Application Platform, provides a low-code development environment that simplifies the design, deployment and maintenance of enterprise applications.