Magic Software Enterprises (NASDAQ:MGIC) Stock Crosses Above 200-Day Moving Average of $10.40

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $10.40 and traded as high as $11.71. Magic Software Enterprises shares last traded at $11.59, with a volume of 48,529 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have issued reports on MGIC shares. Barclays boosted their target price on Magic Software Enterprises from $13.00 to $14.00 and gave the company an “overweight” rating in a research note on Thursday, March 14th. StockNews.com lowered Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Monday, March 18th.

Magic Software Enterprises Stock Performance

The company has a market capitalization of $568.95 million, a PE ratio of 15.45 and a beta of 1.17. The company has a quick ratio of 1.76, a current ratio of 1.81 and a debt-to-equity ratio of 0.18. The company has a 50-day moving average price of $11.40 and a two-hundred day moving average price of $10.40.

Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings results on Wednesday, March 13th. The software maker reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.04. The company had revenue of $125.55 million during the quarter, compared to analysts’ expectations of $115.00 million. Magic Software Enterprises had a return on equity of 17.33% and a net margin of 6.92%. Analysts predict that Magic Software Enterprises Ltd. will post 0.93 EPS for the current fiscal year.

Hedge Funds Weigh In On Magic Software Enterprises

Several hedge funds have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew 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 valued at $58,000 after purchasing an additional 2,263 shares in the last quarter. Barclays PLC purchased a new position in Magic Software Enterprises during the second quarter worth about $65,000. Wellington Management Group LLP grew its position in Magic Software Enterprises by 1.6% during the fourth quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker’s stock worth $6,622,000 after buying an additional 11,010 shares in the last quarter. Colonial River Wealth Management LLC purchased a new position in Magic Software Enterprises during the fourth quarter worth about $127,000. Finally, Paradiem LLC grew its position in Magic Software Enterprises by 36.3% during the third quarter. Paradiem LLC now owns 74,544 shares of the software maker’s stock worth $842,000 after buying an additional 19,861 shares in the last quarter. 24.70% of the stock is currently owned by hedge funds and other institutional investors.

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