Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $21.26 and last traded at $20.98, with a volume of 149528 shares trading hands. The stock had previously closed at $20.70.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the company. Wall Street Zen downgraded Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 24th. William Blair downgraded Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research note on Wednesday, March 12th. Finally, Barclays increased their price target 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.
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Magic Software Enterprises Price Performance
The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.51 and a current ratio of 1.51. The company has a market cap of $1.03 billion, a P/E ratio of 27.61 and a beta of 1.04. The firm has a 50 day moving average price of $16.29 and a two-hundred day moving average price of $14.01.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted 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. The company 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, analysts predict that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in the stock. Harel Insurance Investments & Financial Services Ltd. bought a new position in Magic Software Enterprises in the 1st quarter worth about $35,911,000. Phoenix Financial Ltd. raised its holdings in shares of Magic Software Enterprises by 1.3% in the 1st quarter. Phoenix Financial Ltd. now owns 689,236 shares of the software maker's stock valued at $8,953,000 after acquiring an additional 9,000 shares in the last quarter. Truffle Hound Capital LLC purchased a new stake in shares of Magic Software Enterprises in the 4th quarter valued at about $5,173,000. Dimensional Fund Advisors LP raised its holdings in shares of Magic Software Enterprises by 4.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 240,841 shares of the software maker's stock valued at $2,896,000 after acquiring an additional 9,752 shares in the last quarter. Finally, Y.D. More Investments Ltd raised its holdings in shares of Magic Software Enterprises by 22.1% in the 1st 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 in the last quarter. Institutional investors own 24.70% of the company's stock.
About Magic Software Enterprises
(
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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.
Further Reading
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