Magic Software Enterprises (NASDAQ:MGIC) Shares Gap Up – What’s Next?

Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) 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 trading hands.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 21st.

Magic Software Enterprises Stock Performance

The company has a fifty day moving average of $11.18 and a two-hundred day moving average of $11.03. The stock has a market capitalization of $550.41 million, a P/E ratio of 16.49 and a beta of 1.08. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.66 and a quick ratio of 1.66.

Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings data on Wednesday, August 14th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. Magic Software Enterprises had a return on equity of 15.63% and a net margin of 6.41%. The firm had revenue of $136.25 million for the quarter, compared to analysts’ expectations of $132.10 million. During the same period last year, the business posted $0.28 earnings per share. On average, equities analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Hedge Funds Weigh In On Magic Software Enterprises

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Copeland Capital Management LLC acquired a new stake in shares of Magic Software Enterprises during the 3rd quarter worth approximately $47,000. CANADA LIFE ASSURANCE Co grew its position 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 during the last quarter. Quadrature Capital Ltd bought a new stake in shares of Magic Software Enterprises during the first quarter valued at approximately $593,000. Acadian Asset Management LLC boosted its position in shares of Magic Software Enterprises by 2,254.6% during the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after buying an additional 65,540 shares during the period. Finally, Inspire Investing LLC acquired a new stake in Magic Software Enterprises in the 3rd quarter valued at approximately $880,000. 24.70% of the stock is currently owned by institutional investors and hedge funds.

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.