Magic Software Enterprises (NASDAQ:MGIC) Shares Gap Down – Here’s Why

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $11.42, but opened at $10.93. Magic Software Enterprises shares last traded at $10.85, with a volume of 10,837 shares.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 12th.

Magic Software Enterprises Stock Performance

The company has a market cap of $550.41 million, a PE ratio of 16.54 and a beta of 1.08. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average is $11.28 and its two-hundred day moving average is $10.98.

Institutional Trading of Magic Software Enterprises

Institutional investors have recently made changes to their positions in the business. Copeland Capital Management LLC purchased a new stake in Magic Software Enterprises during the 3rd quarter valued at approximately $47,000. Barclays PLC increased its stake 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 worth $69,000 after acquiring an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Magic Software Enterprises during the 3rd quarter valued at approximately $115,000. CANADA LIFE ASSURANCE Co increased its position in Magic Software Enterprises by 722.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock worth $177,000 after purchasing an additional 13,469 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in Magic Software Enterprises during the first quarter valued at $593,000. 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.