Magic Software Enterprises Ltd. (NASDAQ:MGIC – Get 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 %
Magic Software Enterprises (NASDAQ:MGIC – Get 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
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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