Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) saw unusually-strong trading volume on Monday . Approximately 60,608 shares changed hands during mid-day trading, an increase of 11% from the previous session's volume of 54,484 shares.The stock last traded at $13.92 and had previously closed at $13.88.
Analysts Set New Price Targets
Several research analysts have issued reports on MGIC shares. StockNews.com upgraded Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a research report on Thursday. Barclays increased their price objective on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a research report on Thursday. Finally, William Blair cut Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research report on Wednesday, March 12th.
Get Our Latest Stock Analysis on MGIC
Magic Software Enterprises Trading Up 1.5 %
The firm has a market cap of $691.46 million, a PE ratio of 20.14 and a beta of 1.11. The business has a 50-day moving average price of $12.65 and a two-hundred day moving average price of $11.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last announced its quarterly earnings results on Tuesday, March 11th. The software maker reported $0.24 earnings per share for the quarter, missing analysts' consensus estimates of $0.25 by ($0.01). Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. The firm had revenue of $142.58 million during the quarter, compared to analysts' expectations of $137.00 million. Analysts forecast that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in MGIC. IFP Advisors Inc increased its position in shares of Magic Software Enterprises by 100.0% in the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock valued at $48,000 after buying an additional 2,000 shares in the last quarter. Barclays PLC lifted its holdings in 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 purchasing an additional 5,685 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Magic Software Enterprises in the 3rd quarter valued at about $115,000. Altshuler Shaham Ltd acquired a new stake in shares of Magic Software Enterprises during the 4th quarter worth about $138,000. Finally, Man Group plc purchased a new stake in shares of Magic Software Enterprises during the fourth quarter worth about $145,000. Hedge funds and other institutional investors own 24.70% of the company's stock.
About Magic Software Enterprises
(
Get Free Report)
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Magic Software Enterprises, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Magic Software Enterprises wasn't on the list.
While Magic Software Enterprises currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Market downturns give many investors pause, and for good reason. Wondering how to offset this risk? Enter your email address to learn more about using beta to protect your portfolio.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
