Posted by admin on Aug 14th, 2022 
Magic Software Enterprises (NASDAQ:MGIC – Get Rating) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Friday.
MGIC stock opened at $18.67 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.28 and a current ratio of 2.28. Magic Software Enterprises has a 52 week low of $15.08 and a 52 week high of $25.49. The firm’s fifty day moving average is $18.39 and its 200 day moving average is $17.96. The firm has a market cap of $916.14 million, a P/E ratio of 33.34 and a beta of 1.19.
Magic Software Enterprises (NASDAQ:MGIC – Get Rating) last released its earnings results on Thursday, May 12th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. Magic Software Enterprises had a net margin of 5.49% and a return on equity of 17.96%. The company had revenue of $138.71 million for the quarter, compared to analyst estimates of $128.80 million. Research analysts predict that Magic Software Enterprises will post 1.08 earnings per share for the current year.
A number of large investors have recently added to or reduced their stakes in the company. Naples Global Advisors LLC grew its holdings in Magic Software Enterprises by 7.0% in the 2nd quarter. Naples Global Advisors LLC now owns 238,159 shares of the software maker’s stock worth $4,232,000 after acquiring an additional 15,675 shares during the last quarter. Lazard Asset Management LLC grew its holdings in Magic Software Enterprises by 25.2% in the 2nd quarter. Lazard Asset Management LLC now owns 6,176 shares of the software maker’s stock worth $109,000 after acquiring an additional 1,245 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Magic Software Enterprises by 9.9% in the 2nd quarter. Van ECK Associates Corp now owns 6,161 shares of the software maker’s stock worth $109,000 after purchasing an additional 555 shares during the period. Aptus Capital Advisors LLC lifted its position in shares of Magic Software Enterprises by 3.8% in the 2nd quarter. Aptus Capital Advisors LLC now owns 121,826 shares of the software maker’s stock worth $2,165,000 after purchasing an additional 4,491 shares during the period. Finally, Paradiem LLC lifted its position in shares of Magic Software Enterprises by 29.0% in the 2nd quarter. Paradiem LLC now owns 34,109 shares of the software maker’s stock worth $606,000 after purchasing an additional 7,662 shares during the period. Institutional investors own 29.56% of the company’s stock.
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Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and information technologies (IT) outsourcing software services in Israel and internationally. The company's 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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