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

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

Analysts Set New Price Targets

MGIC has been the subject of several research reports. StockNews.com cut Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 26th. Barclays upped their price objective on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th.

Magic Software Enterprises Trading Up 4.2 %

The stock has a market capitalization of $657.44 million, a P/E ratio of 19.13 and a beta of 1.11. The stock’s 50 day moving average price is $12.54 and its 200-day moving average price is $11.82. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13.

Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Tuesday, March 11th. The software maker reported $0.24 earnings per share 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 company had revenue of $142.58 million for the quarter, compared to analysts’ expectations of $137.00 million. As a group, equities research analysts expect 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 and hedge funds have recently added to or reduced their stakes in MGIC. Tidal Investments LLC lifted its position in shares of 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. IFP Advisors Inc raised its stake in shares of Magic Software Enterprises by 100.0% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock worth $48,000 after acquiring an additional 2,000 shares in the last quarter. Geode Capital Management LLC lifted its position in Magic Software Enterprises by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 58,105 shares of the software maker’s stock valued at $699,000 after acquiring an additional 2,587 shares during the last quarter. Barclays PLC boosted its stake in Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after acquiring an additional 5,685 shares in the last quarter. Finally, Lazard Asset Management LLC grew its holdings in Magic Software Enterprises by 45.5% in the fourth quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker’s stock worth $226,000 after purchasing an additional 5,878 shares during the last quarter. Hedge funds and other institutional investors 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.