Magic Software Enterprises (NASDAQ:MGIC) Shares Gap Up - Here's What Happened

Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $15.23, but opened at $16.19. Magic Software Enterprises shares last traded at $16.37, with a volume of 36,863 shares changing hands.

Analyst Ratings Changes

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

Magic Software Enterprises Stock Performance

The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $823.90 million, a PE ratio of 22.08 and a beta of 1.00. The business has a 50 day simple moving average of $14.94 and a 200 day simple moving average of $13.43.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The software maker reported $0.25 EPS for the quarter, meeting the consensus estimate of $0.25. The firm 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%. Equities research analysts predict that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Institutional Investors Weigh In On Magic Software Enterprises

Institutional investors and hedge funds have recently made changes to their positions in the stock. IFP Advisors Inc increased its position 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 valued at $48,000 after acquiring an additional 2,000 shares during the period. Altshuler Shaham Ltd purchased a new stake in Magic Software Enterprises during the 4th quarter valued at about $138,000. Man Group plc acquired a new position in shares of Magic Software Enterprises in the fourth quarter valued at about $145,000. Walleye Capital LLC acquired a new position in shares of Magic Software Enterprises in the first quarter valued at about $161,000. Finally, Truist Financial Corp purchased a new position in shares of Magic Software Enterprises in the fourth quarter worth about $189,000. 24.70% of the stock is currently owned by institutional investors and hedge funds.

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.