Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $11.20, but opened at $11.71. Magic Software Enterprises shares last traded at $11.64, with a volume of 4,353 shares traded.
Analyst Upgrades and Downgrades
Separately, StockNews.com upgraded Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, August 21st.
View Our Latest Stock Report on Magic Software Enterprises
Magic Software Enterprises Price Performance
The company has a debt-to-equity ratio of 0.13, a current ratio of 1.66 and a quick ratio of 1.66. The stock's 50 day simple moving average is $11.16 and its two-hundred day simple moving average is $11.02. The stock has a market cap of $567.09 million, a price-to-earnings ratio of 15.82 and a beta of 1.08.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last released its quarterly earnings results on Wednesday, August 14th. The software maker reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. The firm 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 period last year, the firm posted $0.28 EPS. On average, analysts forecast that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Magic Software Enterprises
Several large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its stake in shares of Magic Software Enterprises by 14.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker's stock valued at $2,201,000 after purchasing an additional 29,635 shares during the period. Y.D. More Investments Ltd acquired a new position in Magic Software Enterprises during the second quarter valued at approximately $1,451,000. Assenagon Asset Management S.A. acquired a new position in shares of Magic Software Enterprises in the 3rd quarter valued at $1,675,000. Inspire Investing LLC bought a new position in shares of Magic Software Enterprises during the 3rd quarter valued at about $880,000. Finally, Acadian Asset Management LLC boosted its holdings in shares of 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 buying an additional 65,540 shares during the period. 24.70% of the stock is currently owned by institutional investors and hedge funds.
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.
Further Reading
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
With average gains of 150% since the start of 2023, now is the time to give these stocks a look and pump up your 2024 portfolio.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
