Magic Software Enterprises (NASDAQ:MGIC) Shares Gap Up – Here’s Why

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $12.85, but opened at $13.88. Magic Software Enterprises shares last traded at $13.96, with a volume of 74,892 shares.

Analyst Ratings Changes

Several brokerages have commented on MGIC. StockNews.com downgraded shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 26th. Barclays lifted their target price on Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th.

Magic Software Enterprises Trading Up 7.1 %

The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average of $12.51 and a 200-day moving average of $11.80. The firm has a market capitalization of $675.60 million, a P/E ratio of 19.66 and a beta of 1.11.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings results on Tuesday, March 11th. The software maker reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.01). Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. Analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Institutional Investors Weigh In On Magic Software Enterprises

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. IFP Advisors Inc raised its stake in shares of Magic Software Enterprises by 100.0% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock worth $48,000 after purchasing an additional 2,000 shares in the last quarter. Barclays PLC raised its position in Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after acquiring an additional 5,685 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in Magic Software Enterprises during the third quarter worth $115,000. Altshuler Shaham Ltd acquired a new stake in Magic Software Enterprises in the fourth quarter valued at $138,000. Finally, Man Group plc bought a new position in shares of Magic Software Enterprises in the 4th quarter valued at about $145,000. 24.70% of the stock is owned by institutional investors.

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.