Magic Software Enterprises (NASDAQ:MGIC) Sets New 12-Month High - Time to Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report)'s share price reached a new 52-week high on Monday . The company traded as high as $17.44 and last traded at $17.29, with a volume of 26097 shares. The stock had previously closed at $16.98.

Analyst Ratings Changes

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

Magic Software Enterprises Price Performance

The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.11. The business's 50 day moving average price is $15.01 and its two-hundred day moving average price is $13.48. The stock has a market cap of $850.90 million, a P/E ratio of 22.70 and a beta of 1.00.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The software maker reported $0.25 earnings per share for the quarter, meeting 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 business had revenue of $147.34 million for the quarter, compared to analysts' expectations of $143.80 million. As a group, sell-side analysts expect that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.

Institutional Trading of Magic Software Enterprises

Hedge funds have recently modified their holdings of the business. IFP Advisors Inc increased its stake in shares of Magic Software Enterprises by 100.0% in the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock worth $48,000 after acquiring an additional 2,000 shares in the last quarter. Altshuler Shaham Ltd purchased a new stake in Magic Software Enterprises in the fourth quarter worth about $138,000. Man Group plc bought a new position in shares of Magic Software Enterprises during the fourth quarter valued at approximately $145,000. Walleye Capital LLC bought a new position in shares of Magic Software Enterprises during the first quarter valued at approximately $161,000. Finally, Heron Bay Capital Management purchased a new position in shares of Magic Software Enterprises during the fourth quarter valued at approximately $183,000. Institutional investors own 24.70% of the company's stock.

Magic Software Enterprises Company Profile

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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