Magic Software Enterprises (NASDAQ:MGIC) Share Price Crosses Above 200 Day Moving Average - What's Next?

Key Points

• Magic Software Enterprises Ltd.'s stock price recently crossed above its 200-day moving average, trading at a high of $20.49, compared to the moving average of $15.60.
• Barclays has upgraded its rating on the stock to "overweight" with a price target increased to $18.00, while Wall Street Zen downgraded it from "strong-buy" to "buy."
• For its latest quarter, the company reported earnings of $0.26 per share, exceeding estimates and achieving revenue of $151.60 million.

Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $15.60 and traded as high as $20.49. Magic Software Enterprises shares last traded at $20.49, with a volume of 101,646 shares trading hands.

Analyst Upgrades and Downgrades

MGIC has been the subject of a number of research analyst reports. Barclays reaffirmed an "overweight" rating and issued a $18.00 price target (up previously from $16.00) on shares of Magic Software Enterprises in a research note on Wednesday. Wall Street Zen downgraded Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 24th.

Magic Software Enterprises Trading Up 9.0%

The stock has a 50 day moving average of $19.36 and a 200-day moving average of $15.60. The company has a market capitalization of $1.01 billion, a P/E ratio of 26.96 and a beta of 1.04. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.11.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last released its quarterly earnings data on Wednesday, August 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. Magic Software Enterprises had a return on equity of 15.62% and a net margin of 6.60%. The business had revenue of $151.60 million for the quarter, compared to the consensus estimate of $143.06 million. On average, research analysts predict that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Hedge Funds Weigh In On Magic Software Enterprises

Several hedge funds have recently bought and sold shares of MGIC. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Magic Software Enterprises during the 1st quarter worth $35,911,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Magic Software Enterprises by 133.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 126,278 shares of the software maker's stock worth $2,415,000 after purchasing an additional 72,117 shares during the last quarter. Y.D. More Investments Ltd raised its stake in shares of Magic Software Enterprises by 22.1% in the first quarter. Y.D. More Investments Ltd now owns 174,366 shares of the software maker's stock worth $2,240,000 after purchasing an additional 31,527 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Magic Software Enterprises by 17.3% in the second quarter. Acadian Asset Management LLC now owns 184,925 shares of the software maker's stock worth $3,525,000 after purchasing an additional 27,294 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in Magic Software Enterprises during the first quarter worth about $311,000. 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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