Magic Software Enterprises (NASDAQ:MGIC) Shares Down 2.1%

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s stock price dropped 2.1% during mid-day trading on Tuesday . The company traded as low as $11.40 and last traded at $11.42. Approximately 12,765 shares were traded during trading, a decline of 78% from the average daily volume of 58,236 shares. The stock had previously closed at $11.67.

Analyst Upgrades and Downgrades

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

Magic Software Enterprises Stock Down 3.7 %

The firm has a 50-day simple moving average of $10.77 and a 200 day simple moving average of $11.06. The company has a market capitalization of $551.87 million, a PE ratio of 15.99 and a beta of 1.07. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.66 and a quick ratio of 1.66.

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

Institutional Investors Weigh In On Magic Software Enterprises

A number of large investors have recently added to or reduced their stakes in MGIC. CANADA LIFE ASSURANCE Co lifted its holdings in Magic Software Enterprises by 722.2% in the 1st 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 in the last quarter. Quadrature Capital Ltd acquired a new position in shares of Magic Software Enterprises in the first quarter worth about $593,000. Acadian Asset Management LLC boosted its holdings in Magic Software Enterprises by 2,254.6% in the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock valued at $653,000 after purchasing an additional 65,540 shares during the last quarter. Y.D. More Investments Ltd acquired a new stake in Magic Software Enterprises during the 2nd quarter valued at approximately $1,451,000. Finally, Dimensional Fund Advisors LP grew its stake in Magic Software Enterprises by 14.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after purchasing an additional 29,635 shares in the last quarter. 24.70% of the stock is owned by institutional investors and hedge funds.

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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.