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

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares gapped up before the market opened on Monday . The stock had previously closed at $12.56, but opened at $12.95. Magic Software Enterprises shares last traded at $12.61, with a volume of 15,415 shares.

Analysts Set New Price Targets

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

Magic Software Enterprises Trading Down 1.1 %

The firm has a 50-day simple moving average of $12.45 and a 200-day simple moving average of $11.67. 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 stock has a market cap of $621.35 million, a PE ratio of 18.08 and a beta of 1.11.

Institutional Trading of Magic Software Enterprises

A number of institutional investors have recently added to or reduced their stakes in MGIC. Truffle Hound Capital LLC bought a new stake in shares of Magic Software Enterprises during the fourth quarter valued at about $5,173,000. Assenagon Asset Management S.A. purchased a new position in Magic Software Enterprises during the third quarter valued at approximately $1,675,000. Bank of New York Mellon Corp bought a new stake in Magic Software Enterprises during the 4th quarter worth approximately $1,392,000. JPMorgan Chase & Co. lifted its stake in Magic Software Enterprises by 77.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock worth $1,101,000 after purchasing an additional 40,642 shares in the last quarter. Finally, Heron Bay Capital Management bought a new position in Magic Software Enterprises in the 4th quarter valued at $183,000. 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. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.