Magic Software Enterprises Ltd. (NASDAQ:MGIC – Get Free Report)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $10.60 and traded as high as $10.73. Magic Software Enterprises shares last traded at $10.41, with a volume of 31,060 shares trading hands.
Analyst Ratings Changes
Separately, StockNews.com cut Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 18th.
Magic Software Enterprises Stock Down 2.7 %
Magic Software Enterprises (NASDAQ:MGIC – Get Free Report) last announced its earnings results on Tuesday, November 14th. The software maker reported $0.21 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.05). Magic Software Enterprises had a return on equity of 18.39% and a net margin of 6.94%. The company had revenue of $129.48 million for the quarter, compared to analyst estimates of $129.30 million. On average, sell-side analysts forecast that Magic Software Enterprises Ltd. will post 0.96 earnings per share for the current year.
Institutional Trading of Magic Software Enterprises
Hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada raised its holdings in shares of Magic Software Enterprises by 666.7% in the first quarter. Royal Bank of Canada now owns 2,300 shares of the software maker’s stock valued at $39,000 after purchasing an additional 2,000 shares during the last quarter. Lazard Asset Management LLC bought a new position in shares of Magic Software Enterprises in the fourth quarter valued at $42,000. Barclays PLC bought a new position in shares of Magic Software Enterprises in the second quarter valued at $65,000. UBS Group AG grew its stake in shares of Magic Software Enterprises by 153.1% in the fourth quarter. UBS Group AG now owns 4,902 shares of the software maker’s stock valued at $79,000 after buying an additional 2,965 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Magic Software Enterprises by 61.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock valued at $58,000 after buying an additional 2,263 shares in the last quarter. 14.25% of the stock is currently owned by institutional investors and hedge funds.
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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.
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