Magic Software Enterprises (NASDAQ:MGIC) Reaches New 12-Month High - Still a Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) reached 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. The stock had previously closed at $20.70.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Wall Street Zen cut shares of Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 24th. Barclays raised their target price on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a research note on Thursday, March 13th.

Magic Software Enterprises Stock Down 0.5%

The firm has a 50-day moving average price of $16.88 and a 200 day moving average price of $14.24. 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 company has a market cap of $1.05 billion, a price-to-earnings ratio of 28.25 and a beta of 1.04.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its earnings results on Wednesday, May 21st. The software maker reported $0.25 earnings per share for the quarter, hitting analysts' consensus estimates of $0.25. Magic Software Enterprises had a return on equity of 15.62% and a net margin of 6.60%. The company had revenue of $147.34 million during the quarter, compared to the consensus estimate of $143.80 million. Sell-side analysts predict that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC increased its stake in shares of Magic Software Enterprises by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 58,105 shares of the software maker's stock valued at $699,000 after buying an additional 2,587 shares during the period. Lazard Asset Management LLC lifted its position in shares of Magic Software Enterprises by 45.5% in the 4th quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker's stock worth $226,000 after purchasing an additional 5,878 shares during the period. GHP Investment Advisors Inc. lifted its position in shares of Magic Software Enterprises by 16.9% in the 1st quarter. GHP Investment Advisors Inc. now owns 56,751 shares of the software maker's stock worth $737,000 after purchasing an additional 8,200 shares during the period. Phoenix Financial Ltd. lifted its position 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 worth $8,953,000 after purchasing an additional 9,000 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position 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 worth $2,896,000 after purchasing an additional 9,752 shares during the period. Institutional investors and hedge funds 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.