Magic Software Enterprises (NASDAQ:MGIC) Stock Price Passes Above 200 Day Moving Average - Time to Sell?

Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report)'s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $11.05 and traded as high as $11.51. Magic Software Enterprises shares last traded at $11.32, with a volume of 34,421 shares changing hands.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a report on Wednesday, August 21st.

Magic Software Enterprises Stock Down 1.5 %

The company's fifty day simple moving average is $11.09 and its 200 day simple moving average is $11.05. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $547.45 million, a PE ratio of 15.27 and a beta of 1.08.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last released its earnings results on Wednesday, August 14th. The software maker reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. The company had revenue of $136.25 million during the quarter, compared to analysts' expectations of $132.10 million. Magic Software Enterprises had a return on equity of 15.63% and a net margin of 6.41%. During the same quarter last year, the business posted $0.28 EPS. Analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Wellington Management Group LLP grew its stake in shares of Magic Software Enterprises by 1.6% in the 4th quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker's stock worth $6,622,000 after buying an additional 11,010 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in Magic Software Enterprises by 722.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker's stock worth $177,000 after purchasing an additional 13,469 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in Magic Software Enterprises during the 1st quarter valued at about $593,000. Acadian Asset Management LLC increased its stake in Magic Software Enterprises by 2,254.6% during the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker's stock valued at $653,000 after purchasing an additional 65,540 shares in the last quarter. Finally, Y.D. More Investments Ltd purchased a new position in Magic Software Enterprises in the second quarter worth about $1,451,000. 24.70% of the stock is currently owned by institutional investors.

Magic Software Enterprises Company Profile

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.