Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $21.47, but opened at $20.80. Magic Software Enterprises shares last traded at $20.79, with a volume of 22,558 shares changing hands.
Analyst Upgrades and Downgrades
Separately, Wall Street Zen lowered shares of Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a research report on Saturday, May 24th.
View Our Latest Analysis on Magic Software Enterprises
Magic Software Enterprises Stock Performance
The stock's fifty day moving average is $16.88 and its two-hundred day moving average is $14.28. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of 27.28 and a beta of 1.04. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.51 and a current ratio of 1.51.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last announced its quarterly earnings data 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 analyst estimates of $143.80 million. Magic Software Enterprises had a net margin of 6.60% and a return on equity of 15.62%. Analysts forecast that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current year.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in MGIC. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Magic Software Enterprises during the 1st quarter valued at about $35,911,000. Truffle Hound Capital LLC acquired a new stake in shares of Magic Software Enterprises in the 4th quarter worth approximately $5,173,000. Bank of New York Mellon Corp acquired a new stake in shares of Magic Software Enterprises in the 4th quarter worth approximately $1,392,000. Y.D. More Investments Ltd lifted its stake in Magic Software Enterprises by 22.1% during the first quarter. Y.D. More Investments Ltd now owns 174,366 shares of the software maker's stock valued at $2,240,000 after purchasing an additional 31,527 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in Magic Software Enterprises during the first quarter valued at approximately $311,000. 24.70% of the stock is owned by institutional investors and hedge funds.
About Magic Software Enterprises
(
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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