Magic Software Enterprises (NASDAQ:MGIC) Rating Downgraded to Maintain Zacks Investment Research

Magic Software Enterprises (NASDAQ: MGIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report released on Monday, Zacks.com reports.

According to Zacks, “Magic Software Enterprises, a member of Formula Group, develops, markets and supports software development and deployment technology that enables enterprises to accelerate the process of building and deploying applications that can be quickly customized. and integrated with existing systems. Magic technology, applications and professional services are available through a worldwide network of Magic subsidiaries, distributors and solution partners. (PRESS RELEASE)”

MGIC stock traded down $0.07 by midday on Monday, hitting $19.65. The company had a trading volume of 24,995 shares, compared to an average volume of 31,860. The company has a market capitalization of $964.28 million, a PE ratio of 34.47 and a beta of 1.37. The company has a debt ratio of 0.10, a quick ratio of 2.43 and a current ratio of 2.43. Magic Software Enterprises has a 12-month minimum of $14.87 and a 12-month maximum of $25.49. The stock’s fifty-day moving average price is $21.75 and its two-hundred-day moving average price is $20.28.

Magic Software Enterprises (NASDAQ:MGIC) last reported quarterly earnings data on Monday, November 15. The software maker reported EPS of $0.24 for the quarter, beating the consensus estimate of $0.21 by $0.03. The company posted revenue of $120.87 million for the quarter, versus analyst estimates of $113.00 million. Magic Software Enterprises achieved a net margin of 6.20% and a return on equity of 16.26%. In the same quarter a year earlier, the company posted earnings per share of $0.19. Stock analysts expect Magic Software Enterprises to post 0.9 earnings per share for the current year.

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A number of hedge funds have recently changed their positions in MGIC. Morgan Stanley raised its position in shares of Magic Software Enterprises by 33.0% in the first quarter. Morgan Stanley now owns 5,855 shares of the software maker valued at $89,000 after buying an additional 1,452 shares during the period. The Swiss National Bank raised its position in shares of Magic Software Enterprises by 6.9% in the second quarter. The Swiss National Bank now owns 59,633 shares of the software maker valued at $963,000 after buying an additional 3,853 shares during the period. Citigroup Inc. bought a new stake in shares of Magic Software Enterprises in the second quarter worth about $32,000. Susquehanna International Group LLP increased its position in Magic Software Enterprises shares by 125.3% in the second quarter. Susquehanna International Group LLP now owns 10,830 shares of the software maker valued at $176,000 after purchasing an additional 6,024 shares during the period. Finally, Natixis Advisors LP purchased a new equity stake in Magic Software Enterprises in the second quarter valued at approximately $241,000. 18.34% of the shares are currently held by institutional investors and hedge funds.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. provides proprietary application development and business process integration platforms, vertical software solutions and an information technology (IT) outsourcing software service provider. It operates through Software Services and IT Professional Services segments.

Further reading: leveraged buyout (LBO)

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