Magic Software Enterprises (NASDAQ:MGIC) Lowered to “Sell” at BidaskClub

Magic Software Enterprises (NASDAQ:MGIC) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Saturday, BidAskClub reports.

Separately, Zacks Investment Research lowered shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th.

NASDAQ:MGIC traded up $0.19 on Friday, hitting $9.02. The stock had a trading volume of 22,888 shares, compared to its average volume of 28,610. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.41 and a current ratio of 3.41. The stock has a market cap of $463.00 million, a P/E ratio of 16.40 and a beta of 0.91. Magic Software Enterprises has a 1 year low of $7.29 and a 1 year high of $10.20. The firm’s fifty day simple moving average is $9.13 and its two-hundred day simple moving average is $9.03.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings data on Tuesday, August 13th. The software maker reported $0.14 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. The firm had revenue of $77.06 million during the quarter, compared to analyst estimates of $76.55 million. Magic Software Enterprises had a net margin of 6.74% and a return on equity of 10.43%. Equities research analysts predict that Magic Software Enterprises will post 0.59 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in MGIC. Optimum Investment Advisors bought a new position in shares of Magic Software Enterprises during the 2nd quarter valued at approximately $27,000. BlackRock Inc. grew its position in shares of Magic Software Enterprises by 286.9% during the 2nd quarter. BlackRock Inc. now owns 6,310 shares of the software maker’s stock valued at $57,000 after acquiring an additional 4,679 shares during the period. Morgan Stanley grew its position in shares of Magic Software Enterprises by 21.1% during the 2nd quarter. Morgan Stanley now owns 8,425 shares of the software maker’s stock valued at $76,000 after acquiring an additional 1,466 shares during the period. Opus Capital Group LLC bought a new position in shares of Magic Software Enterprises during the 2nd quarter valued at approximately $193,000. Finally, Yorktown Management & Research Co Inc bought a new position in shares of Magic Software Enterprises during the 3rd quarter valued at approximately $206,000. 16.09% of the stock is owned by hedge funds and other institutional investors.

About Magic Software Enterprises

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.

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