Magic Software Enterprises (NASDAQ:MGIC) Hits New 1-Year High - What's Next?

Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $18.99 and last traded at $19.03, with a volume of 10549 shares. The stock had previously closed at $18.21.

Analyst Ratings Changes

Several research analysts have recently issued reports on MGIC shares. Wall Street Zen downgraded shares of Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 24th. Barclays boosted their price objective on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a research note on Thursday, March 13th. Finally, William Blair cut shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research report on Wednesday, March 12th.

Magic Software Enterprises Price Performance

The stock has a market cap of $934.37 million, a P/E ratio of 25.04 and a beta of 1.00. The company has a 50 day simple moving average of $15.48 and a 200 day simple moving average of $13.67. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.11.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its earnings results on Wednesday, May 21st. The software maker reported $0.25 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.25. Magic Software Enterprises had a net margin of 6.60% and a return on equity of 15.62%. The company had revenue of $147.34 million during the quarter, compared to analysts' expectations of $143.80 million. Sell-side analysts forecast that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magic Software Enterprises

A number of large investors have recently bought and sold shares of the company. Jane Street Group LLC boosted its stake in Magic Software Enterprises by 126.5% in the first quarter. Jane Street Group LLC now owns 32,028 shares of the software maker's stock valued at $416,000 after buying an additional 17,887 shares in the last quarter. Walleye Capital LLC bought a new stake in shares of Magic Software Enterprises in the 1st quarter valued at $161,000. Menora Mivtachim Holdings LTD. bought a new position in Magic Software Enterprises in the first quarter worth approximately $273,000. Nuveen LLC bought a new position in shares of Magic Software Enterprises in the 1st quarter worth $311,000. Finally, Y.D. More Investments Ltd increased its holdings in Magic Software Enterprises by 22.1% during the 1st quarter. Y.D. More Investments Ltd now owns 174,366 shares of the software maker's stock worth $2,240,000 after purchasing an additional 31,527 shares in the last quarter. 24.70% of the stock is currently owned by institutional investors and hedge funds.

About Magic Software Enterprises

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.

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