Magic Software Enterprises (NASDAQ:MGIC) Shares Up 5.3% – Here’s Why

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was up 5.3% on Monday . The stock traded as high as $12.31 and last traded at $12.53. Approximately 52,752 shares changed hands during mid-day trading, an increase of 32% from the average daily volume of 39,829 shares. The stock had previously closed at $11.90.

Analyst Ratings Changes

Several equities analysts have recently issued reports on MGIC shares. William Blair downgraded shares of Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a report on Wednesday. Barclays boosted 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. Finally, StockNews.com lowered shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 26th.

Magic Software Enterprises Stock Up 4.5 %

The company has a market cap of $686.90 million, a price-to-earnings ratio of 19.99 and a beta of 1.11. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The stock has a 50-day simple moving average of $12.54 and a 200-day simple moving average of $11.82.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings data on Tuesday, March 11th. The software maker reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.01). The company had revenue of $142.58 million during the quarter, compared to analyst estimates of $137.00 million. Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. As a group, analysts predict that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. IFP Advisors Inc grew its holdings in Magic Software Enterprises by 100.0% during the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock worth $48,000 after acquiring an additional 2,000 shares during the period. Barclays PLC grew its position in Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after buying an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Magic Software Enterprises in the third quarter valued at $115,000. Altshuler Shaham Ltd bought a new stake in shares of Magic Software Enterprises during the 4th quarter worth $138,000. Finally, Man Group plc acquired a new position in shares of Magic Software Enterprises in the 4th quarter worth $145,000. Institutional investors and hedge funds own 24.70% of the company’s stock.

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.