Fintel reports that on August 15, 2023, Barclays maintained coverage of Magic Software Enterprises (NASDAQ:MGIC) with a Overweight recommendation.
Analyst Price Forecast Suggests 86.93% Upside
As of August 2, 2023, the average one-year price target for Magic Software Enterprises is 23.46. The forecasts range from a low of 23.23 to a high of $24.15. The average price target represents an increase of 86.93% from its latest reported closing price of 12.55.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Magic Software Enterprises is 621MM, an increase of 8.68%. The projected annual non-GAAP EPS is 1.17.
What is the Fund Sentiment?
There are 92 funds or institutions reporting positions in Magic Software Enterprises. This is a decrease of 6 owner(s) or 6.12% in the last quarter. Average portfolio weight of all funds dedicated to MGIC is 0.05%, a decrease of 38.92%. Total shares owned by institutions decreased in the last three months by 27.02% to 7,615K shares. 
The put/call ratio of MGIC is 0.35, indicating a bullish outlook.
What are Other Shareholders Doing?
Clal Insurance Enterprises Holdings holds 3,420K shares representing 6.97% ownership of the company. No change in the last quarter.
Phoenix Holdings holds 722K shares representing 1.47% ownership of the company. No change in the last quarter.
Wellington Management Group Llp holds 596K shares representing 1.21% ownership of the company. In it's prior filing, the firm reported owning 533K shares, representing an increase of 10.69%. The firm decreased its portfolio allocation in MGIC by 85.28% over the last quarter.
Renaissance Technologies holds 412K shares representing 0.84% ownership of the company. In it's prior filing, the firm reported owning 416K shares, representing a decrease of 1.07%. The firm increased its portfolio allocation in MGIC by 4.84% over the last quarter.
Naples Global Advisors holds 284K shares representing 0.58% ownership of the company. In it's prior filing, the firm reported owning 270K shares, representing an increase of 5.01%. The firm decreased its portfolio allocation in MGIC by 3.34% over the last quarter.
Magic Software Enterprises Background Information
(This description is provided by the company.)
Magic Software Enterprises Ltd. is a global provider of powerful and versatile end-to-end, on-premises and cloud-based integration and low-code application development platforms. With over 30 years of experience, 24 regional offices, millions of installations worldwide, and strategic alliances with global IT leaders, Magic enables its customers to seamlessly adopt new technologies and maximize business opportunities. Magic collaborates closely with its customers and thousands of business partners in 50 countries to accelerate their business performance.
Additional reading:
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- List of Subsidiaries of the Registrant
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- Magic to Announce Fourth Quarter and Full year 2022 Financial Results on March 9th, 2023
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
