Magic Software Enterprises (NASDAQ:MGIC) Hits New 12-Month High – Here’s What Happened

Magic Software Enterprises Ltd. (NASDAQ:MGICGet Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $14.04 and last traded at $13.39, with a volume of 734952 shares traded. The stock had previously closed at $12.85.

Wall Street Analyst Weigh In

MGIC has been the topic of a number of recent research reports. Barclays upped their price objective on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. StockNews.com lowered Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 26th.

View Our Latest Stock Report on MGIC

Magic Software Enterprises Stock Up 4.2 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The company’s fifty day moving average price is $12.54 and its 200-day moving average price is $11.82. The stock has a market cap of $657.44 million, a P/E ratio of 19.13 and a beta of 1.11.

Magic Software Enterprises (NASDAQ:MGICGet Free Report) last posted its quarterly earnings data on Tuesday, March 11th. The software maker reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.01). Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. The firm had revenue of $142.58 million during the quarter, compared to analysts’ expectations of $137.00 million. Equities analysts forecast that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Hedge Funds Weigh In On Magic Software Enterprises

A number of large investors have recently bought and sold shares of MGIC. Public Employees Retirement System of Ohio purchased a new stake in Magic Software Enterprises in the third quarter worth $115,000. Barclays PLC grew its holdings in shares of Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after purchasing an additional 5,685 shares during the last quarter. Tidal Investments LLC increased its stake in Magic Software Enterprises by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after buying an additional 1,278 shares during the period. JPMorgan Chase & Co. lifted its holdings in Magic Software Enterprises by 77.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock valued at $1,101,000 after buying an additional 40,642 shares in the last quarter. Finally, Truist Financial Corp purchased a new stake in Magic Software Enterprises in the 4th quarter valued at about $189,000. Hedge funds and other institutional investors own 24.70% of the company’s stock.

About Magic Software Enterprises

(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. Its 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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