Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $16.57 and last traded at $16.39, with a volume of 138939 shares. The stock had previously closed at $15.23.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on MGIC shares. Barclays boosted their target price on Magic Software Enterprises from $15.00 to $16.00 and gave the company an "overweight" rating in a research report on Thursday, March 13th. Wall Street Zen lowered shares of Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 24th. Finally, William Blair downgraded shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research note on Wednesday, March 12th.
Read Our Latest Stock Report on Magic Software Enterprises
Magic Software Enterprises Trading Up 1.2%
The company's 50 day simple moving average is $14.94 and its 200-day simple moving average is $13.43. The firm has a market cap of $833.70 million, a P/E ratio of 22.34 and a beta of 1.00. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.11.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The software maker reported $0.25 earnings per share for the quarter, hitting the consensus estimate of $0.25. Magic Software Enterprises had a return on equity of 15.62% and a net margin of 6.60%. The firm had revenue of $147.34 million for the quarter, compared to the consensus estimate of $143.80 million. As a group, research analysts predict that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.
Institutional Trading of Magic Software Enterprises
Several institutional investors and hedge funds have recently made changes to their positions in the business. Truist Financial Corp bought a new position in shares of Magic Software Enterprises in the fourth quarter worth about $189,000. IFP Advisors Inc boosted its position in Magic Software Enterprises by 100.0% in the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock valued at $48,000 after buying an additional 2,000 shares during the period. Bank of New York Mellon Corp bought a new position in Magic Software Enterprises in the 4th quarter worth about $1,392,000. Truffle Hound Capital LLC bought a new position in Magic Software Enterprises in the 4th quarter worth about $5,173,000. Finally, Heron Bay Capital Management purchased a new position in shares of Magic Software Enterprises during the fourth quarter worth approximately $183,000. 24.70% of the stock is currently owned by institutional investors.
Magic Software Enterprises Company Profile
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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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