Magic Software Enterprises (NASDAQ:MGIC) Sees Unusually-High Trading Volume – What’s Next?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw unusually-high trading volume on Monday . Approximately 60,608 shares changed hands during trading, an increase of 11% from the previous session’s volume of 54,484 shares.The stock last traded at $13.92 and had previously closed at $13.88.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on MGIC shares. Barclays lifted their price objective on Magic Software Enterprises from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Thursday. William Blair cut Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 12th. Finally, StockNews.com upgraded shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Thursday.

Magic Software Enterprises Price Performance

The company has a market capitalization of $691.46 million, a PE ratio of 20.14 and a beta of 1.11. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The company’s 50 day moving average price is $12.65 and its 200-day moving average price is $11.89.

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

Institutional Trading of Magic Software Enterprises

A number of institutional investors and hedge funds have recently bought and sold shares of MGIC. Truffle Hound Capital LLC purchased a new stake in Magic Software Enterprises during the fourth quarter worth approximately $5,173,000. Bank of New York Mellon Corp purchased a new stake in Magic Software Enterprises during the 4th quarter worth $1,392,000. 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 valued at $1,101,000 after purchasing an additional 40,642 shares in the last quarter. Heron Bay Capital Management purchased a new position in Magic Software Enterprises in the fourth quarter valued at about $183,000. Finally, Truist Financial Corp acquired a new position in shares of Magic Software Enterprises during the fourth quarter worth about $189,000. Institutional investors and hedge funds own 24.70% of the company’s stock.

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.