Magic Software Enterprises (NASDAQ:MGIC) Sets New 1-Year High - Here's What Happened

Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $16.57 and last traded at $16.39, with a volume of 138939 shares changing hands. The stock had previously closed at $15.23.

Analyst Ratings Changes

MGIC has been the subject of several analyst reports. William Blair lowered Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a report on Wednesday, March 12th. Barclays raised their target price 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, Wall Street Zen lowered Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 24th.

Magic Software Enterprises Price Performance

The company has a market cap of $804.73 million, a PE ratio of 23.41 and a beta of 1.00. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The stock has a 50 day moving average of $14.72 and a 200-day moving average of $13.35.

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 (EPS) for the quarter, hitting analysts' consensus estimates of $0.25. The company had revenue of $147.34 million during the quarter, compared to analyst estimates of $143.80 million. Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. Equities analysts predict that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current year.

Hedge Funds Weigh In On Magic Software Enterprises

A number of institutional investors have recently modified their holdings of MGIC. IFP Advisors Inc raised its stake in shares of Magic Software Enterprises by 100.0% during 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 last quarter. Altshuler Shaham Ltd purchased a new position in shares of Magic Software Enterprises during the 4th quarter valued at about $138,000. Man Group plc purchased a new position in shares of Magic Software Enterprises during the 4th quarter valued at about $145,000. Walleye Capital LLC purchased a new position in shares of Magic Software Enterprises during the 1st quarter valued at about $161,000. Finally, Heron Bay Capital Management purchased a new position in shares of Magic Software Enterprises during the 4th quarter valued at about $183,000. Hedge funds and other institutional investors own 24.70% of the company's stock.

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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