Magic Software Enterprises (NASDAQ:MGIC) Shares Cross Above 200-Day Moving Average – Should You Sell?

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $11.63 and traded as high as $12.85. Magic Software Enterprises shares last traded at $12.56, with a volume of 23,076 shares traded.

Wall Street Analysts Forecast Growth

MGIC has been the topic of several research reports. Barclays increased 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 report on Sunday, December 22nd.

Magic Software Enterprises Stock Down 1.7 %

The firm has a market cap of $616.50 million, a price-to-earnings ratio of 17.94 and a beta of 1.11. The business’s 50 day moving average price is $12.44 and its 200 day moving average price is $11.63. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Tidal Investments LLC lifted its position in shares of Magic Software Enterprises by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock valued at $342,000 after buying an additional 1,278 shares in the last quarter. IFP Advisors Inc lifted its position 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 valued at $48,000 after buying an additional 2,000 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Magic Software Enterprises by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 58,105 shares of the software maker’s stock valued at $699,000 after buying an additional 2,587 shares in the last quarter. Barclays PLC lifted its position in shares of Magic Software Enterprises by 4,274.4% during the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after buying an additional 5,685 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its position in shares of Magic Software Enterprises by 45.5% during the 4th quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker’s stock valued at $226,000 after buying an additional 5,878 shares in the last quarter. 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.