Magic Software Enterprises (NASDAQ:MGIC) Reaches New 1-Year High – Time to Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) reached a new 52-week high during trading on Wednesday . The stock traded as high as $14.04 and last traded at $13.39, with a volume of 734952 shares traded. The stock had previously closed at $12.85.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Barclays boosted their price objective on Magic Software Enterprises from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Thursday. StockNews.com upgraded shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Finally, William Blair downgraded shares of Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research report on Wednesday.

Magic Software Enterprises Stock Down 1.9 %

The firm has a market capitalization of $673.64 million, a PE ratio of 19.60 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76. The company has a 50-day moving average price of $12.61 and a 200 day moving average price of $11.85.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings results on Tuesday, March 11th. The software maker reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.01). Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. The business had revenue of $142.58 million during the quarter, compared to analysts’ expectations of $137.00 million. Analysts forecast that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current year.

Hedge Funds Weigh In On Magic Software Enterprises

Several institutional investors have recently bought and sold shares of MGIC. Public Employees Retirement System of Ohio bought a new position in shares of Magic Software Enterprises during the 3rd quarter valued at about $115,000. Barclays PLC lifted its position in shares of Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after buying an additional 5,685 shares in the last quarter. Tidal Investments LLC boosted its stake in Magic Software Enterprises by 4.6% during the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock valued at $342,000 after buying an additional 1,278 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Magic Software Enterprises by 77.4% during the third quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock valued at $1,101,000 after buying an additional 40,642 shares during the last quarter. Finally, Truist Financial Corp purchased a new position in Magic Software Enterprises during the 4th quarter valued at approximately $189,000. 24.70% of the stock is 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.