Magic Software Enterprises (NASDAQ:MGIC) Stock Passes Above Two Hundred Day Moving Average – Here’s What Happened

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s share price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $11.05 and traded as high as $11.51. Magic Software Enterprises shares last traded at $11.32, with a volume of 34,421 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 21st.

Magic Software Enterprises Price Performance

The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $11.09 and a two-hundred day simple moving average of $11.05. The company has a market cap of $555.80 million, a price-to-earnings ratio of 15.51 and a beta of 1.08.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Wednesday, August 14th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.02. Magic Software Enterprises had a return on equity of 15.63% and a net margin of 6.41%. The business had revenue of $136.25 million for the quarter, compared to the consensus estimate of $132.10 million. During the same period in the prior year, the business earned $0.28 earnings per share. On average, equities research analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.

Institutional Trading of Magic Software Enterprises

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP lifted its position in 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 buying an additional 11,010 shares during the period. CANADA LIFE ASSURANCE Co lifted 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 worth $177,000 after buying an additional 13,469 shares during the period. Quadrature Capital Ltd purchased a new position in Magic Software Enterprises during the first quarter worth about $593,000. Acadian Asset Management LLC lifted its position in Magic Software Enterprises by 2,254.6% during 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 period. Finally, Y.D. More Investments Ltd purchased a new position in Magic Software Enterprises during the second quarter worth about $1,451,000. 24.70% of the stock is currently owned by hedge funds and other institutional investors.

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.