Magic Software Enterprises (NASDAQ:MGIC) Shares Gap Up – Still a Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $12.85, but opened at $13.88. Magic Software Enterprises shares last traded at $13.96, with a volume of 74,892 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. StockNews.com downgraded shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 26th. Barclays boosted their price target on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th.

Magic Software Enterprises Stock Up 7.1 %

The firm has a market capitalization of $675.60 million, a price-to-earnings ratio of 19.66 and a beta of 1.11. The firm has a fifty day moving average price of $12.51 and a 200 day moving average price of $11.80. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13.

Magic Software Enterprises (NASDAQ:MGIC) last announced its earnings results 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 net margin of 6.49% and a return on equity of 15.42%. Sell-side analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Man Group plc bought a new stake in shares of Magic Software Enterprises during the fourth quarter worth $145,000. Millennium Management LLC raised its position in shares of Magic Software Enterprises by 66.7% during the 4th quarter. Millennium Management LLC now owns 28,599 shares of the software maker’s stock valued at $344,000 after acquiring an additional 11,442 shares during the last quarter. Lazard Asset Management LLC lifted its stake in shares of Magic Software Enterprises by 45.5% in the 4th quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker’s stock valued at $226,000 after purchasing an additional 5,878 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Magic Software Enterprises by 4.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 240,841 shares of the software maker’s stock worth $2,896,000 after purchasing an additional 9,752 shares during the period. Finally, Altshuler Shaham Ltd bought a new stake in Magic Software Enterprises in the fourth quarter valued at about $138,000. Institutional investors and hedge funds 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.