StockNews.com Downgrades Magic Software Enterprises (NASDAQ:MGIC) to Buy

StockNews.com cut shares of Magic Software Enterprises (NASDAQ:MGICFree Report) from a strong-buy rating to a buy rating in a report published on Saturday morning.

Magic Software Enterprises Trading Up 0.4 %

NASDAQ:MGIC opened at $11.18 on Friday. Magic Software Enterprises has a one year low of $8.15 and a one year high of $14.82. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.76 and a current ratio of 1.76. The firm has a market cap of $548.83 million, a P/E ratio of 14.33 and a beta of 1.16. The firm has a 50-day simple moving average of $10.41 and a 200-day simple moving average of $10.38.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MGIC. Swiss National Bank grew its position in shares of Magic Software Enterprises by 7.5% in the 1st quarter. Swiss National Bank now owns 64,134 shares of the software maker’s stock worth $1,130,000 after buying an additional 4,501 shares during the last quarter. Natixis Advisors L.P. grew its position in shares of Magic Software Enterprises by 5.8% in the 1st quarter. Natixis Advisors L.P. now owns 16,210 shares of the software maker’s stock worth $279,000 after buying an additional 887 shares during the last quarter. Acadian Asset Management LLC grew its position in shares of Magic Software Enterprises by 5.8% in the 1st quarter. Acadian Asset Management LLC now owns 42,197 shares of the software maker’s stock worth $717,000 after buying an additional 2,313 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Magic Software Enterprises by 14.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 125,734 shares of the software maker’s stock worth $2,166,000 after buying an additional 16,244 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Magic Software Enterprises by 27.8% in the 1st quarter. Vanguard Group Inc. now owns 17,884 shares of the software maker’s stock worth $308,000 after buying an additional 3,885 shares during the last quarter. Hedge funds and other institutional investors own 14.25% of the company’s stock.

About Magic Software Enterprises

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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. 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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