Magic Software Enterprises Ltd. (NASDAQ:MGIC – Get Free Report) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $10.40 and traded as high as $11.71. Magic Software Enterprises shares last traded at $11.59, with a volume of 48,529 shares traded.
Analyst Upgrades and Downgrades
Several research firms recently commented on MGIC. Barclays lifted their price target on Magic Software Enterprises from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Thursday, March 14th. StockNews.com lowered Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Monday, March 18th.
Get Our Latest Analysis on MGIC
Magic Software Enterprises Stock Up 0.3 %
Magic Software Enterprises (NASDAQ:MGIC – Get Free Report) last announced its earnings results on Wednesday, March 13th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.04. Magic Software Enterprises had a return on equity of 17.33% and a net margin of 6.92%. The business had revenue of $125.55 million during the quarter, compared to analyst estimates of $115.00 million. Analysts expect that Magic Software Enterprises Ltd. will post 0.93 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of MGIC. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Magic Software Enterprises by 61.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock valued at $58,000 after buying an additional 2,263 shares during the period. Barclays PLC bought a new stake in shares of Magic Software Enterprises during the second quarter valued at approximately $65,000. Colonial River Wealth Management LLC bought a new stake in shares of Magic Software Enterprises during the fourth quarter valued at approximately $127,000. Paradiem LLC raised its stake in shares of Magic Software Enterprises by 36.3% during the third quarter. Paradiem LLC now owns 74,544 shares of the software maker’s stock valued at $842,000 after acquiring an additional 19,861 shares in the last quarter. Finally, Yelin Lapidot Holdings Management Ltd. bought a new stake in shares of Magic Software Enterprises during the third quarter valued at approximately $1,193,000. Hedge funds and other institutional investors own 24.70% of the company’s stock.
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. 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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