Magic Software Enterprises (NASDAQ:MGIC) Downgraded by StockNews.com to “Buy”

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 report issued to clients and investors on Tuesday.

Magic Software Enterprises Stock Performance

Shares of NASDAQ:MGIC traded down $0.27 on Tuesday, hitting $11.13. The company had a trading volume of 12,126 shares, compared to its average volume of 54,328. Magic Software Enterprises has a 1-year low of $8.27 and a 1-year high of $12.99. The stock has a market cap of $546.47 million, a price-to-earnings ratio of 16.37 and a beta of 1.08. The stock has a 50 day moving average price of $11.22 and a 200 day moving average price of $10.99. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.13.

Magic Software Enterprises (NASDAQ:MGIC) last announced its earnings results on Wednesday, August 14th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. Magic Software Enterprises had a net margin of 6.41% and a return on equity of 15.63%. The company had revenue of $136.25 million during the quarter, compared to analysts’ expectations of $132.10 million. During the same quarter in the previous year, the business posted $0.28 earnings per share. Analysts expect that Magic Software Enterprises will post 0.95 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Copeland Capital Management LLC acquired a new position in shares of Magic Software Enterprises in the third quarter valued at approximately $47,000. CANADA LIFE ASSURANCE Co increased its position in Magic Software Enterprises by 722.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock valued at $177,000 after purchasing an additional 13,469 shares during the period. Quadrature Capital Ltd acquired a new stake in Magic Software Enterprises during the 1st quarter valued at approximately $593,000. Acadian Asset Management LLC increased its position in Magic Software Enterprises by 2,254.6% during 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 period. Finally, Inspire Investing LLC acquired a new stake in shares of Magic Software Enterprises during the 3rd quarter worth approximately $880,000. Institutional investors and hedge funds 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.