HC Wainwright set a $10.00 target price on Magic Software Enterprises (NASDAQ:MGIC) in a research note released on Thursday morning. The firm currently has a buy rating on the software maker’s stock.
Other equities analysts have also recently issued reports about the company. BidaskClub cut Magic Software Enterprises from a hold rating to a sell rating in a report on Tuesday, May 8th. Zacks Investment Research cut Magic Software Enterprises from a hold rating to a sell rating in a report on Saturday, February 10th. Finally, ValuEngine cut Magic Software Enterprises from a buy rating to a hold rating in a report on Monday, May 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. The company has an average rating of Hold and an average price target of $9.75.
Get Magic Software Enterprises alerts:Shares of Magic Software Enterprises opened at $8.50 on Thursday, according to MarketBeat. Magic Software Enterprises has a 12-month low of $7.60 and a 12-month high of $9.50. The company has a current ratio of 3.04, a quick ratio of 3.07 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $378.16 million, a P/E ratio of 18.48 and a beta of 0.75.
Magic Software Enterprises (NASDAQ:MGIC) last issued its earnings results on Wednesday, May 16th. The software maker reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. Magic Software Enterprises had a return on equity of 10.41% and a net margin of 5.90%. The company had revenue of $69.73 million for the quarter, compared to analysts’ expectations of $66.55 million. sell-side analysts forecast that Magic Software Enterprises will post 0.57 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Clal Insurance Enterprises Holdings Ltd lifted its holdings in shares of Magic Software Enterprises by 9.9% in the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,315,872 shares of the software maker’s stock worth $11,024,000 after purchasing an additional 118,890 shares in the last quarter. Delek Group Ltd. purchased a new stake in Magic Software Enterprises in the 4th quarter valued at $6,150,000. Meitav Dash Investments Ltd. purchased a new stake in Magic Software Enterprises in the 4th quarter valued at $5,201,000. Renaissance Technologies LLC raised its position in Magic Software Enterprises by 9.3% in the 4th quarter. Renaissance Technologies LLC now owns 428,651 shares of the software maker’s stock valued at $3,591,000 after buying an additional 36,599 shares during the last quarter. Finally, Unterberg Capital LLC raised its position in Magic Software Enterprises by 354.5% in the 1st quarter. Unterberg Capital LLC now owns 170,876 shares of the software maker’s stock valued at $1,452,000 after buying an additional 133,276 shares during the last quarter. Institutional investors own 12.82% of the company’s stock.
About Magic Software Enterprises
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, and vertical software solutions and related professional services in Israel and internationally. The company's Software Solutions 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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