Magic Software Enterprises (NASDAQ:MGIC) Shares Gap Down to $12.24

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $12.24, but opened at $11.90. Magic Software Enterprises shares last traded at $11.89, with a volume of 1,523 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. StockNews.com downgraded shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Monday, March 18th. Barclays upped their price objective on shares of Magic Software Enterprises from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Thursday, March 14th.

Magic Software Enterprises Stock Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.76 and a current ratio of 1.81. The company has a market cap of $576.32 million, a PE ratio of 15.65 and a beta of 1.17. The stock’s 50-day simple moving average is $11.27 and its 200 day simple moving average is $10.39.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings results on Wednesday, March 13th. The software maker reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.04. Magic Software Enterprises had a net margin of 6.92% and a return on equity of 17.33%. The business had revenue of $125.55 million for the quarter, compared to analysts’ expectations of $115.00 million. As a group, equities analysts anticipate that Magic Software Enterprises Ltd. will post 0.93 EPS for the current year.

Hedge Funds Weigh In On Magic Software Enterprises

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP grew its stake in shares of Magic Software Enterprises by 1.6% during the 4th quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker’s stock worth $6,622,000 after purchasing an additional 11,010 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Magic Software Enterprises by 16.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 138,724 shares of the software maker’s stock worth $1,344,000 after purchasing an additional 19,702 shares during the period. Legal & General Group Plc grew its stake in shares of Magic Software Enterprises by 6.4% during the 4th quarter. Legal & General Group Plc now owns 18,913 shares of the software maker’s stock worth $184,000 after purchasing an additional 1,140 shares during the period. Nuveen Asset Management LLC acquired a new stake in Magic Software Enterprises in the 4th quarter valued at about $707,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Magic Software Enterprises by 61.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock worth $58,000 after acquiring an additional 2,263 shares during the last quarter. 24.70% of the stock is owned by institutional investors and hedge funds.

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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.