Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $17.44 and last traded at $17.29, with a volume of 26097 shares trading hands. The stock had previously closed at $16.98.
Analyst Upgrades and Downgrades
MGIC has been the topic of a number of analyst reports. Wall Street Zen downgraded Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 24th. Barclays lifted their price target on Magic Software Enterprises from $15.00 to $16.00 and gave the company an "overweight" rating in a research note on Thursday, March 13th. Finally, William Blair downgraded 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 MGIC
Magic Software Enterprises Stock Performance
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 stock has a market capitalization of $888.71 million, a PE ratio of 23.82 and a beta of 1.00. The stock has a 50 day moving average of $15.38 and a two-hundred day moving average of $13.62.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The software maker reported $0.25 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.25. The firm had revenue of $147.34 million during the quarter, compared to analysts' expectations of $143.80 million. Magic Software Enterprises had a return on equity of 15.62% and a net margin of 6.60%. Research analysts expect that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.
Hedge Funds Weigh In On Magic Software Enterprises
Hedge funds and other institutional investors have recently bought and sold shares of the company. IFP Advisors Inc raised 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 purchasing an additional 2,000 shares during the last quarter. Altshuler Shaham Ltd acquired a new position in Magic Software Enterprises during the fourth quarter worth $138,000. Man Group plc acquired a new position in Magic Software Enterprises during the fourth quarter worth $145,000. Walleye Capital LLC acquired a new position in Magic Software Enterprises during the first quarter worth $161,000. Finally, Heron Bay Capital Management acquired a new position in Magic Software Enterprises during the fourth quarter worth $183,000. 24.70% of the stock is owned by institutional investors and hedge funds.
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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