Magic Software Enterprises (NASDAQ:MGIC) Shares Gap Down to $10.81

Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) gapped down prior to trading on Wednesday . The stock had previously closed at $10.81, but opened at $10.59. Magic Software Enterprises shares last traded at $10.57, with a volume of 4,870 shares.

Analyst Ratings Changes

Separately, StockNews.com upgraded Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Wednesday.

Magic Software Enterprises Trading Down 1.6 %

The firm has a market cap of $522.41 million, a P/E ratio of 14.81 and a beta of 1.06. The stock has a 50 day simple moving average of $10.55 and a 200-day simple moving average of $11.06. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.14.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings results on Wednesday, August 14th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. Magic Software Enterprises had a net margin of 6.83% and a return on equity of 16.36%. The company had revenue of $136.25 million for the quarter, compared to the consensus estimate of $132.10 million. During the same quarter in the prior year, the firm earned $0.28 earnings per share. On average, equities research analysts expect that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MGIC. Y.D. More Investments Ltd bought a new stake in shares of Magic Software Enterprises in the 2nd quarter valued at approximately $1,451,000. Acadian Asset Management LLC lifted its position in Magic Software Enterprises by 2,254.6% in the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after buying an additional 65,540 shares during the last quarter. Quadrature Capital Ltd purchased a new position in Magic Software Enterprises during the first quarter worth $593,000. Dimensional Fund Advisors LP boosted its stake in Magic Software Enterprises by 14.9% during the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock worth $2,201,000 after buying an additional 29,635 shares during the period. Finally, CANADA LIFE ASSURANCE Co increased its position in Magic Software Enterprises by 722.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock valued at $177,000 after acquiring an additional 13,469 shares during the last quarter. Hedge funds and other institutional investors 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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.