Magic Software Enterprises (NASDAQ:MGIC) Sees Large Volume Increase – What’s Next?

Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw strong trading volume on Tuesday . 39,295 shares were traded during mid-day trading, an increase of 41% from the previous session’s volume of 27,812 shares.The stock last traded at $17.5750 and had previously closed at $18.90.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Magic Software Enterprises in a report on Monday, December 29th. Wall Street Zen upgraded shares of Magic Software Enterprises from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $18.00.

Magic Software Enterprises Stock Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 1.48 and a quick ratio of 1.48. The company has a market cap of $859.45 million, a price-to-earnings ratio of 21.61 and a beta of 0.73. The stock has a 50-day moving average price of $25.59 and a 200 day moving average price of $22.63.

Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Tuesday, November 18th. The software maker reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.04). Magic Software Enterprises had a return on equity of 16.28% and a net margin of 6.61%.The business had revenue of $161.70 million for the quarter, compared to the consensus estimate of $154.80 million. As a group, analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Institutional Trading of Magic Software Enterprises

Several hedge funds and other institutional investors have recently modified their holdings of MGIC. Raymond James Financial Inc. bought a new position in shares of Magic Software Enterprises during the second quarter worth about $33,000. Quent Capital LLC acquired a new position in Magic Software Enterprises during the 3rd quarter worth approximately $41,000. State of Tennessee Department of Treasury bought a new position in shares of Magic Software Enterprises during the 2nd quarter worth approximately $46,000. CWM LLC grew its stake in shares of Magic Software Enterprises by 1,045.5% during the 3rd quarter. CWM LLC now owns 2,291 shares of the software maker’s stock worth $47,000 after acquiring an additional 2,091 shares in the last quarter. Finally, IFP Advisors Inc raised its holdings in shares of Magic Software Enterprises by 38.8% in the third quarter. IFP Advisors Inc now owns 2,775 shares of the software maker’s stock valued at $57,000 after purchasing an additional 775 shares during the last quarter. Institutional investors and hedge funds own 24.70% of the company’s stock.

About Magic Software Enterprises

Magic Software Enterprises Ltd. is a global provider of enterprise software solutions that enable organizations to develop, integrate and manage business applications across cloud and on-premises environments. Serving clients in industries such as financial services, healthcare, manufacturing and distribution, the company’s platforms are designed to accelerate digital transformation by streamlining the creation of web, desktop and mobile applications while ensuring seamless data flow between disparate systems.

The company’s flagship offering, the Magic xpa Application Platform, provides a low-code development environment that simplifies the design, deployment and maintenance of enterprise applications.