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 $11.45, but opened at $11.85. Magic Software Enterprises shares last traded at $11.97, with a volume of 14,844 shares trading hands.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on MGIC shares. StockNews.com lowered shares of Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a research report on Monday, March 18th. Barclays boosted their target price on shares of Magic Software Enterprises from $13.00 to $14.00 and gave the stock an "overweight" rating in a research report on Thursday, March 14th.
View Our Latest Report on Magic Software Enterprises
Magic Software Enterprises Price Performance
The stock has a market cap of $583.19 million, a P/E ratio of 15.84 and a beta of 1.17. The company has a current ratio of 1.81, a quick ratio of 1.76 and a debt-to-equity ratio of 0.18. The company's fifty day simple moving average is $11.02 and its 200-day simple moving average is $10.34.
Institutional Investors Weigh In On Magic Software Enterprises
Several institutional investors and hedge funds have recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Magic Software Enterprises in the 3rd quarter valued at $29,543,000. Wellington Management Group LLP boosted its stake in shares of Magic Software Enterprises by 1.6% in the 4th quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker's stock valued at $6,622,000 after purchasing an additional 11,010 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Magic Software Enterprises by 7.3% in the 1st quarter. Renaissance Technologies LLC now owns 416,064 shares of the software maker's stock valued at $5,671,000 after purchasing an additional 28,400 shares in the last quarter. Naples Global Advisors LLC boosted its stake in shares of Magic Software Enterprises by 14.0% in the 3rd quarter. Naples Global Advisors LLC now owns 323,860 shares of the software maker's stock valued at $3,656,000 after purchasing an additional 39,784 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Magic Software Enterprises by 18.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 165,967 shares of the software maker's stock worth $2,207,000 after buying an additional 25,331 shares in the last quarter. Institutional investors and hedge funds own 24.70% of the company's stock.
Magic Software Enterprises Company Profile
(
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. The company's 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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