Magic Software Enterprises (NASDAQ:MGIC – Free Report) had its price objective upped by Barclays from $15.00 to $16.00 in a report published on Thursday morning,Benzinga reports. They currently have an overweight rating on the software maker’s stock.
MGIC has been the topic of several other research reports. William Blair cut shares of Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research report on Wednesday. StockNews.com lowered shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 26th.
View Our Latest Analysis on Magic Software Enterprises
Magic Software Enterprises Stock Down 1.9 %
Magic Software Enterprises (NASDAQ:MGIC – Get Free Report) last issued its quarterly earnings data on Tuesday, March 11th. The software maker reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.01). Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. The firm had revenue of $142.58 million during the quarter, compared to analyst estimates of $137.00 million. Research analysts expect that Magic Software Enterprises will post 0.95 earnings per share for the current year.
Hedge Funds Weigh In On Magic Software Enterprises
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Tidal Investments LLC raised its holdings in Magic Software Enterprises by 4.6% in the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock valued at $342,000 after acquiring an additional 1,278 shares in the last quarter. IFP Advisors Inc lifted its position in shares of Magic Software Enterprises by 100.0% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock worth $48,000 after purchasing an additional 2,000 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Magic Software Enterprises by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 58,105 shares of the software maker’s stock worth $699,000 after purchasing an additional 2,587 shares in the last quarter. Barclays PLC increased its holdings in Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after buying an additional 5,685 shares during the last quarter. Finally, Lazard Asset Management LLC increased its holdings in Magic Software Enterprises by 45.5% in the fourth quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker’s stock valued at $226,000 after buying an additional 5,878 shares during the last quarter. Hedge funds and other 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.
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