Magic Software Enterprises (MGIC) – Investment Analyst Ratings Weekly Changes

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Several analysts recently updated their ratings and price targets to Magic software companies (NASDAQ: MGIC):

  • 05/19/2022 – Magic Software Enterprises has been upgraded by Zacks Investment Research analysts from a “hold” rating to a “buy” rating. They now have a price target of $19.00 on the stock. 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)”
  • 05/12/2022 – Magic Software Enterprises has been downgraded by StockNews.com analysts from a “Strong Buy” rating to a “Buy” rating.
  • 04/05/2022 – 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)”
  • 05/03/2022 – Magic Software Enterprises has been upgraded by StockNews.com analysts from a “buy” rating to a “strong buy” rating.
  • 04/27/2022 – 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)”
  • 04/20/2022 – 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)”

Shares of Magic Software Enterprises traded down $0.36 on Tuesday, hitting $16.43. The company had a trading volume of 783 shares, compared to its average volume of 25,688. The company has a 50-day simple moving average of $17.31 and a 200-day simple moving average of $19.24 . The company has a debt ratio of 0.08, a current ratio of 2.32 and a quick ratio of 2.32. The company has a market capitalization of $806.27 million, a PE ratio of 29.34 and a beta of 1.28. Magic Software Enterprises Ltd. has a 52-week low of $14.87 and a 52-week high of $25.49.

Magic Software Enterprises (NASDAQ:MGIC – Get Rating) last released its quarterly results on Thursday, May 12. The software maker reported EPS of $0.26 for the quarter, beating the consensus estimate of $0.24 by $0.02. The company posted revenue of $138.71 million in the quarter, versus a consensus estimate of $128.80 million. Magic Software Enterprises achieved a net margin of 5.35% and a return on equity of 17.84%. On average, stock research analysts expect Magic Software Enterprises Ltd. will show 1.08 earnings per share for the current fiscal year.

The company also recently declared a semi-annual dividend, which was paid on Thursday, April 7. Shareholders of record on Thursday, March 24 received a dividend of $0.216 per share. The ex-dividend date was Wednesday, March 23. This represents a dividend yield of 2.3%. Magic Software Enterprises’ dividend payout ratio (DPR) is 76.79%.

Several institutional investors and hedge funds have recently changed their positions in the company. Phoenix Holdings Ltd. increased its stake in Magic Software Enterprises by 48.9% in the 1st quarter. Phoenix Holdings Ltd. now owns 389,248 shares of the software maker valued at $6,784,000 after buying an additional 127,907 shares in the last quarter. Meitav Dash Investments Ltd. increased its stake in Magic Software Enterprises by 11.3% in the fourth quarter. Meitav Dash Investments Ltd. now owns 512,494 shares of the software maker valued at $10,718,000 after buying an additional 52,004 shares in the last quarter. Sphera Funds Management LTD. increased its stake in Magic Software Enterprises by 261.2% in the third quarter. Sphera Funds Management LTD. now owns 57,704 shares of the software maker valued at $1,154,000 after buying an additional 41,728 shares in the last quarter. Citigroup Inc. increased its stake in Magic Software Enterprises by 2,046.7% in Q3. Citigroup Inc. now owns 41,861 shares of the software maker valued at $837,000 after buying 39,911 additional shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in Magic Software Enterprises by 27.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 181,325 shares of the software maker valued at $3,607,000 after buying an additional 38,980 shares in the last quarter. Institutional investors hold 29.56% of the company’s shares.

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 an application platform, software applications, business and process integration solutions and related services.

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