Magic Software Enterprises (NASDAQ:MGIC) Shares Up 5.3% – Here’s Why

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares traded up 5.3% during trading on Monday . The stock traded as high as $12.31 and last traded at $12.53. 52,752 shares traded hands during trading, an increase of 32% from the average session volume of 39,829 shares. The stock had previously closed at $11.90.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MGIC. Barclays increased their price target on Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. StockNews.com downgraded shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 26th.

Magic Software Enterprises Stock Up 8.0 %

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 stock’s 50-day moving average price is $12.49 and its 200-day moving average price is $11.79. The company has a market cap of $630.92 million, a P/E ratio of 18.36 and a beta of 1.11.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in shares of Magic Software Enterprises by 77.4% in the third 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. Barclays PLC boosted its holdings in Magic Software Enterprises by 4,274.4% during the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after acquiring an additional 5,685 shares during the last quarter. IFP Advisors Inc grew its stake in shares of Magic Software Enterprises by 100.0% in 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. Truist Financial Corp purchased a new stake in shares of Magic Software Enterprises in the fourth quarter valued at about $189,000. Finally, Tidal Investments LLC raised its holdings in shares of Magic Software Enterprises by 4.6% in the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock valued at $342,000 after purchasing an additional 1,278 shares during the last quarter. Institutional investors own 24.70% of the company’s stock.

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