Magic Software Enterprises Ltd Receives a Buy from Barclays

By Carrie Williams

In a report issued on May 17, Tavy Rosner from Barclays maintained a Buy rating on Magic Software Enterprises Ltd (NASDAQ: MGIC), with a price target of $10. The company’s shares closed yesterday at $8.40, close to its 52-week high of $8.70.

According to TipRanks.com, Rosner is a 3-star analyst with an average return of 14.9% and a 77.8% success rate. Rosner covers the Technology sector, focusing on stocks such as Sapiens International Corporation, Cellcom Israel, and Partner Comms.

Magic Software Enterprises Ltd has an analyst consensus of Moderate Buy, with a price target consensus of $10.

Magic Software Enterprises Ltd’s market cap is currently $372.5M and has a P/E ratio of 29.70. The company has a book value ratio of 1.8601.

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Magic Software Enterprises Ltd. engages in the provision of proprietary application development and business process integration platforms, vertical software solutions, and vendor of information technology (IT) outsourcing software services. It operates through Software Services and IT Professional Services segments. The Software Services segment includes proprietary and non-proprietary software technology and complementary services. The IT Professional Services segment offers services in the areas of infrastructure design and delivery; application development; technology planning and implementation services; communications services and solutions; and supplemental staffing services. The company was founded by David Assia in February 1983 and is headquartered in Or Yehuda, Israel.