Magic Software Enterprises (NASDAQ:MGIC) Trading 5.3% Higher – What’s Next?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) traded up 5.3% on Monday . The company traded as high as $12.31 and last traded at $12.53. 52,752 shares changed hands during mid-day trading, an increase of 32% from the average session volume of 39,829 shares. The stock had previously closed at $11.90.

Analysts Set New Price Targets

A number of brokerages recently commented on MGIC. Barclays increased their price target on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. StockNews.com downgraded Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 26th.

Magic Software Enterprises Trading Up 8.0 %

The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The firm has a market cap of $630.92 million, a P/E ratio of 18.36 and a beta of 1.11. The firm’s 50-day simple moving average is $12.49 and its 200 day simple moving average is $11.79.

Institutional Investors Weigh In On Magic Software Enterprises

Hedge funds have recently modified their holdings of the stock. Public Employees Retirement System of Ohio bought a new position in Magic Software Enterprises during the third quarter valued at $115,000. Barclays PLC lifted its position in shares of Magic Software Enterprises by 4,274.4% during the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after buying an additional 5,685 shares during the last quarter. Tidal Investments LLC grew its stake in shares of Magic Software Enterprises by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after acquiring an additional 1,278 shares during the period. JPMorgan Chase & Co. increased its holdings in Magic Software Enterprises by 77.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock worth $1,101,000 after acquiring an additional 40,642 shares during the last quarter. Finally, Truist Financial Corp bought a new stake in Magic Software Enterprises in the 4th quarter valued at about $189,000. 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. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.