Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) shares saw unusually-strong trading volume on Wednesday . Approximately 67,150 shares changed hands during mid-day trading, an increase of 14% from the previous session's volume of 59,078 shares.The stock last traded at $21.56 and had previously closed at $20.40.
Analysts Set New Price Targets
Separately, Wall Street Zen lowered Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 24th.
Check Out Our Latest Stock Analysis on MGIC
Magic Software Enterprises Stock Down 0.5%
The company has a debt-to-equity ratio of 0.11, a current ratio of 1.51 and a quick ratio of 1.51. The company has a market capitalization of $1.05 billion, a P/E ratio of 28.25 and a beta of 1.04. The stock has a 50-day moving average price of $16.88 and a 200-day moving average price of $14.24.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last issued its earnings results on Wednesday, May 21st. The software maker reported $0.25 earnings per share for the quarter, hitting analysts' consensus estimates of $0.25. The business had revenue of $147.34 million during the quarter, compared to the consensus estimate of $143.80 million. Magic Software Enterprises had a return on equity of 15.62% and a net margin of 6.60%. On average, research analysts predict that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.
Institutional Investors Weigh In On Magic Software Enterprises
A number of hedge funds have recently added to or reduced their stakes in MGIC. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Magic Software Enterprises in the first quarter valued at approximately $35,911,000. Truffle Hound Capital LLC acquired a new stake in Magic Software Enterprises in the fourth quarter valued at approximately $5,173,000. Bank of New York Mellon Corp acquired a new stake in Magic Software Enterprises in the fourth quarter valued at approximately $1,392,000. Y.D. More Investments Ltd grew its stake in Magic Software Enterprises by 22.1% in the first quarter. Y.D. More Investments Ltd now owns 174,366 shares of the software maker's stock valued at $2,240,000 after acquiring an additional 31,527 shares during the period. Finally, Nuveen LLC acquired a new stake in Magic Software Enterprises in the first quarter valued at approximately $311,000. Institutional investors and hedge funds own 24.70% of the company's stock.
Magic Software Enterprises Company Profile
(
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.
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