Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $12.56, but opened at $12.95. Magic Software Enterprises shares last traded at $12.61, with a volume of 15,415 shares changing hands.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on MGIC shares. Barclays raised their target price on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Tuesday, November 19th. StockNews.com downgraded shares of Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a research note on Wednesday.
Check Out Our Latest Report on MGIC
Magic Software Enterprises Stock Down 2.0 %
The firm has a market cap of $601.46 million, a P/E ratio of 17.50 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76. The stock's 50 day simple moving average is $12.45 and its two-hundred day simple moving average is $11.70.
Institutional Investors Weigh In On Magic Software Enterprises
Institutional investors and hedge funds have recently made changes to their positions in the company. Assenagon Asset Management S.A. bought a new stake in shares of Magic Software Enterprises during the third quarter valued at approximately $1,675,000. JPMorgan Chase & Co. increased its position in shares of Magic Software Enterprises by 77.4% during the third quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker's stock valued at $1,101,000 after acquiring an additional 40,642 shares in the last quarter. Barclays PLC increased its position in shares of Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker's stock valued at $69,000 after acquiring an additional 5,685 shares in the last quarter. Tidal Investments LLC increased its position in shares of Magic Software Enterprises by 4.6% during the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker's stock valued at $342,000 after acquiring an additional 1,278 shares in the last quarter. Finally, Altshuler Shaham Ltd bought a new stake in shares of Magic Software Enterprises during the fourth quarter valued at approximately $138,000. 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 Stories
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 Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to profit from the electric vehicle mega-trend? Enter your email address and we'll send you our list of which EV stocks show the most long-term potential.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
