Magic Software Enterprises (NASDAQ:MGIC) Shares Pass Above 200-Day Moving Average – Here’s Why

Magic Software Enterprises Ltd. (NASDAQ:MGIC) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $11.63 and traded as high as $12.85. Magic Software Enterprises shares last traded at $12.56, with a volume of 23,076 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MGIC shares. StockNews.com upgraded Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 22nd. Barclays raised their price objective on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th.

Magic Software Enterprises Stock Performance

The business’s 50-day simple moving average is $12.44 and its two-hundred day simple moving average is $11.65. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The firm has a market cap of $616.49 million, a price-to-earnings ratio of 17.94 and a beta of 1.11.

Institutional Trading of Magic Software Enterprises

Several institutional investors have recently bought and sold shares of the business. Truffle Hound Capital LLC acquired a new position in shares of Magic Software Enterprises during the 4th quarter worth approximately $5,173,000. Dimensional Fund Advisors LP raised its position in Magic Software Enterprises by 4.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 240,841 shares of the software maker’s stock worth $2,896,000 after acquiring an additional 9,752 shares during the period. Assenagon Asset Management S.A. purchased a new position in Magic Software Enterprises during the third quarter valued at $1,675,000. Bank of New York Mellon Corp acquired a new stake in shares of Magic Software Enterprises in the fourth quarter valued at about $1,392,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Magic Software Enterprises by 21.1% during the fourth quarter. JPMorgan Chase & Co. now owns 112,782 shares of the software maker’s stock worth $1,357,000 after purchasing an additional 19,616 shares in the last quarter. 24.70% of the stock is 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.