Magic Software Enterprises (NASDAQ:MGIC) Sees Unusually-High Trading Volume – Here’s Why

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw unusually-strong trading volume on Monday . Approximately 60,608 shares changed hands during mid-day trading, an increase of 11% from the previous session’s volume of 54,484 shares.The stock last traded at $13.92 and had previously closed at $13.88.

Analysts Set New Price Targets

Several research analysts have issued reports on MGIC shares. StockNews.com upgraded Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Barclays increased their price objective on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, William Blair cut Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 12th.

Magic Software Enterprises Trading Up 1.5 %

The firm has a market cap of $691.46 million, a PE ratio of 20.14 and a beta of 1.11. The business has a 50-day moving average price of $12.65 and a two-hundred day moving average price of $11.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76.

Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly 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%. The firm had revenue of $142.58 million during the quarter, compared to analysts’ expectations of $137.00 million. Analysts forecast that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MGIC. IFP Advisors Inc increased its position in shares of Magic Software Enterprises by 100.0% in the fourth 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. Barclays PLC lifted its holdings in Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after purchasing an additional 5,685 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Magic Software Enterprises in the 3rd quarter valued at about $115,000. Altshuler Shaham Ltd acquired a new stake in shares of Magic Software Enterprises during the 4th quarter worth about $138,000. Finally, Man Group plc purchased a new stake in shares of Magic Software Enterprises during the fourth quarter worth about $145,000. 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. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.