Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $11.42, but opened at $10.93. Magic Software Enterprises shares last traded at $10.85, with a volume of 10,837 shares traded.
Wall Street Analysts Forecast Growth
Separately, StockNews.com downgraded Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, November 12th.
Get Our Latest Stock Analysis on Magic Software Enterprises
Magic Software Enterprises Trading Down 3.6 %
The company has a market cap of $540.59 million, a PE ratio of 16.49 and a beta of 1.08. The company's 50 day simple moving average is $11.28 and its two-hundred day simple moving average is $10.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.66 and a quick ratio of 1.66.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the company. Y.D. More Investments Ltd purchased a new stake in Magic Software Enterprises during the 2nd quarter worth approximately $1,451,000. Assenagon Asset Management S.A. purchased a new stake in Magic Software Enterprises during the 3rd quarter worth about $1,675,000. Inspire Investing LLC purchased a new stake in shares of Magic Software Enterprises during the third quarter worth approximately $880,000. Acadian Asset Management LLC raised its holdings in Magic Software Enterprises by 2,254.6% in the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker's stock valued at $653,000 after acquiring an additional 65,540 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new position in Magic Software Enterprises in the first quarter worth approximately $593,000. 24.70% of the stock is currently owned by hedge funds and other institutional investors.
Magic Software Enterprises Company Profile
(
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.
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