Weekly Research Analyst Rating Changes for Magic Software Enterprises (MGIC)

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A number of companies have changed their ratings and price targets on the shares of Magic software companies (NASDAQ: MGIC) recently:

  • 04/20/2022 – Magic Software Enterprises has been downgraded by Zacks Investment Research analysts from a “hold” rating to a “sell” rating. 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)”
  • 04/13/2022 – Magic Software Enterprises has been upgraded by Zacks Investment Research analysts from a “sell” rating to a “hold” rating. 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)”
  • 06/04/2022 – Magic Software Enterprises has been upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. 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)”
  • 03/31/2022 – Magic Software Enterprises is now covered by StockNews.com analysts. They set a “buy” rating on the stock.
  • 03/30/2022 – Magic Software Enterprises has been upgraded by Zacks Investment Research analysts from a “sell” rating to a “hold” rating. 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)”
  • 07/03/2022 – Magic Software Enterprises has been downgraded by StockNews.com analysts from a “Strong Buy” rating to a “Buy” rating.
  • 05/03/2022 – Magic Software Enterprises has been downgraded by Zacks Investment Research analysts from a “hold” rating to a “sell” rating. 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)”

Shares of NASDAQ MGIC opened at $17.21 on Thursday. The company has a current ratio of 2.32, a quick ratio of 2.43 and a debt ratio of 0.08. The stock has a market capitalization of $844.55 million, a PE ratio of 33.75 and a beta of 1.37. The stock’s fifty-day simple moving average is $17.99 and its two-hundred-day simple moving average is $19.99. Magic Software Enterprises Ltd. has a 12 month minimum of $14.87 and a 12 month maximum of $25.49.

Magic Software Enterprises (NASDAQ:MGIC – Get Rating) last announced its results on Wednesday, March 2. The software maker reported earnings per share (EPS) of $0.26 for the quarter, matching the consensus estimate of $0.26. The company posted revenue of $133.00 million for the quarter, compared to $125.50 million expected by analysts. Magic Software Enterprises achieved a return on equity of 17.02% and a net margin of 5.27%. On average, stock analysts predict that Magic Software Enterprises Ltd. will show 1.02 earnings per share for the current fiscal year.

The company also recently disclosed a semi-annual dividend, which was paid on Thursday, April 7. Shareholders of record on Thursday, March 24 received a dividend of $0.216. The ex-dividend date was Wednesday, March 23. This represents a dividend yield of 2.3%. Magic Software Enterprises payout ratio is 84.32%.

Several institutional investors have recently bought and sold shares of the company. Paradiem LLC increased its position in Magic Software Enterprises shares by 7.5% in the 1st quarter. Paradiem LLC now owns 26,447 shares of the software maker worth $464,000 after buying 1,836 additional shares last quarter. The Tennessee State Treasury Department acquired a new stake in Magic Software Enterprises stock in Q4 worth $27,000. Susquehanna International Group LLP acquired a new stake in shares of Magic Software Enterprises in Q4 valued at $359,000. Marshall Wace LLP bought a new position in Magic Software Enterprises in Q4 worth $120,000. Finally, Millennium Management LLC increased its stake in Magic Software Enterprises by 100.4% in the 4th quarter. Millennium Management LLC now owns 29,436 shares of the software maker worth $616,000 after acquiring 14,744 additional shares in the last quarter. 26.96% of the shares are held by hedge funds and other institutional investors.

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions and information technology (IT) outsourcing software services in Israel and internationally. The Company’s Software Services segment develops, markets, sells and supports application platform, software applications, business and process integration solutions and related services.

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