Magic Software Enterprises (NASDAQ:MGIC) has been given a $10.00 target price by analysts at HC Wainwright in a research report issued to clients and investors on Tuesday. The brokerage currently has a “buy” rating on the software maker’s stock. HC Wainwright’s price target indicates a potential upside of 11.36% from the stock’s previous close.

Other analysts also recently issued reports about the stock. BidaskClub downgraded shares of Magic Software Enterprises from a “hold” rating to a “sell” rating in a report on Wednesday, December 5th. Zacks Investment Research downgraded shares of Magic Software Enterprises from a “hold” rating to a “sell” rating in a report on Thursday, November 22nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $9.75.

Shares of MGIC traded up $0.27 during trading hours on Tuesday, reaching $8.98. 500 shares of the stock traded hands, compared to its average volume of 16,763. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.91 and a current ratio of 3.91. Magic Software Enterprises has a 52-week low of $7.29 and a 52-week high of $9.25. The stock has a market cap of $429.09 million, a price-to-earnings ratio of 19.39 and a beta of 0.86.

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Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings results on Monday, March 4th. The software maker reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). Magic Software Enterprises had a net margin of 6.88% and a return on equity of 11.02%. On average, equities research analysts predict that Magic Software Enterprises will post 0.57 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in MGIC. Van ECK Associates Corp boosted its position in Magic Software Enterprises by 20.2% in the 4th quarter. Van ECK Associates Corp now owns 9,359 shares of the software maker’s stock valued at $71,000 after buying an additional 1,571 shares during the period. Advisors Asset Management Inc. purchased a new stake in shares of Magic Software Enterprises in the 4th quarter worth approximately $124,000. Acadian Asset Management LLC purchased a new stake in shares of Magic Software Enterprises in the 3rd quarter worth approximately $136,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Magic Software Enterprises in the 3rd quarter worth approximately $139,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Magic Software Enterprises by 8.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 36,557 shares of the software maker’s stock worth $279,000 after purchasing an additional 2,700 shares during the period. 15.51% of the stock is owned by hedge funds and other institutional investors.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company’s Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.

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