Magic Software Enterprises (NASDAQ:MGIC) Shares Cross Above 200-Day Moving Average – Here’s Why

Magic Software Enterprises Ltd. (NASDAQ:MGIC) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-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 traded.

Analyst Ratings Changes

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

Magic Software Enterprises Price Performance

The firm has a market capitalization of $543.03 million, a P/E ratio of 15.12 and a beta of 1.08. The business’s 50-day simple moving average is $11.11 and its 200 day simple moving average is $11.05. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.13.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings results on Wednesday, August 14th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.02. Magic Software Enterprises had a net margin of 6.41% and a return on equity of 15.63%. The business had revenue of $136.25 million during the quarter, compared to the consensus estimate of $132.10 million. During the same period in the previous year, the firm posted $0.28 earnings per share. Sell-side analysts forecast that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP raised its stake in shares of 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 valued at $6,622,000 after acquiring an additional 11,010 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in shares of 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 during the last quarter. Quadrature Capital Ltd purchased a new position in shares of Magic Software Enterprises during the first quarter valued at approximately $593,000. Acadian Asset Management LLC raised its holdings in shares of 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 valued at $653,000 after acquiring an additional 65,540 shares in the last quarter. Finally, Y.D. More Investments Ltd bought a new stake in Magic Software Enterprises in the second quarter valued at $1,451,000. 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.