Magic Software Enterprises (NASDAQ:MGIC) Stock Rating Upgraded by StockNews.com

Magic Software Enterprises (NASDAQ:MGIC) was upgraded by equities research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Wednesday.

Separately, Barclays lifted their price target on Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Tuesday.

Magic Software Enterprises Price Performance

Shares of NASDAQ MGIC opened at $10.96 on Wednesday. The stock has a market cap of $538.14 million, a PE ratio of 16.12 and a beta of 1.08. Magic Software Enterprises has a fifty-two week low of $8.40 and a fifty-two week high of $12.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.66 and a current ratio of 1.66. The stock has a fifty day moving average of $11.29 and a 200-day moving average of $10.97.

Institutional Investors Weigh In On Magic Software Enterprises

A number of hedge funds and other institutional investors have recently modified their holdings of MGIC. Copeland Capital Management LLC bought a new stake in shares of Magic Software Enterprises in the 3rd quarter valued at about $47,000. Barclays PLC lifted its stake in shares of Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after acquiring an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Magic Software Enterprises in the 3rd quarter valued at about $115,000. CANADA LIFE ASSURANCE Co increased its holdings in Magic Software Enterprises by 722.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock valued at $177,000 after purchasing an additional 13,469 shares during the period. Finally, Quadrature Capital Ltd purchased a new position in Magic Software Enterprises during the 1st quarter valued at about $593,000. Institutional investors own 24.70% of the company’s stock.

About Magic Software Enterprises

Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud-based services in Israel and internationally. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.