Magic Software Enterprises Ltd. (NASDAQ:MGIC – Get Free Report)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $10.49 and traded as high as $12.44. Magic Software Enterprises shares last traded at $12.44, with a volume of 35,183 shares.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on MGIC shares. StockNews.com lowered Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Monday, March 18th. Barclays lifted their target price on Magic Software Enterprises from $13.00 to $14.00 and gave the stock an “overweight” rating in a report on Thursday, March 14th.
View Our Latest Stock Report on MGIC
Magic Software Enterprises Stock Up 1.2 %
Magic Software Enterprises (NASDAQ:MGIC – Get Free Report) last announced its earnings results on Wednesday, March 13th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.04. Magic Software Enterprises had a return on equity of 17.33% and a net margin of 6.92%. The business had revenue of $125.55 million during the quarter, compared to analyst estimates of $115.00 million. Equities analysts forecast that Magic Software Enterprises Ltd. will post 0.93 EPS for the current year.
Institutional Trading of Magic Software Enterprises
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings 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 purchasing an additional 2,263 shares during the last quarter. Wellington Management Group LLP increased its position in shares of 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 acquiring an additional 11,010 shares during the period. Colonial River Wealth Management LLC bought a new stake in shares of Magic Software Enterprises during the fourth quarter valued at approximately $127,000. Paradiem LLC boosted its holdings in shares of Magic Software Enterprises by 36.3% in the third quarter. Paradiem LLC now owns 74,544 shares of the software maker’s stock valued at $842,000 after purchasing an additional 19,861 shares during the period. Finally, Yelin Lapidot Holdings Management Ltd. bought a new position in Magic Software Enterprises in the third quarter worth approximately $1,193,000. 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. The company's 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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