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Magic Software Enterprises (NASDAQ:MGIC) Share Price Passes Above Two Hundred Day Moving Average of $17.94


Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC – Get Rating) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $17.94 and traded as high as $19.34. Magic Software Enterprises shares last traded at $19.17, with a volume of 7,283 shares changing hands.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Friday, July 22nd.

Magic Software Enterprises Price Performance

The stock has a market cap of $940.73 million, a PE ratio of 34.23 and a beta of 1.19. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.07. The company’s fifty day moving average is $18.20 and its 200 day moving average is $17.94.

Magic Software Enterprises (NASDAQ:MGIC – Get Rating) last released its quarterly earnings data on Thursday, May 12th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. The company had revenue of $138.71 million during the quarter, compared to analyst estimates of $128.80 million. Magic Software Enterprises had a net margin of 5.35% and a return on equity of 17.84%. As a group, sell-side analysts anticipate that Magic Software Enterprises Ltd. will post 1.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magic Software Enterprises

A number of large investors have recently modified their holdings of the stock. Van ECK Associates Corp lifted its position in Magic Software Enterprises by 9.9% during the 2nd quarter. Van ECK Associates Corp now owns 6,161 shares of the software maker’s stock worth $109,000 after acquiring an additional 555 shares in the last quarter. Aptus Capital Advisors LLC lifted its position in shares of Magic Software Enterprises by 3.8% during the second quarter. Aptus Capital Advisors LLC now owns 121,826 shares of the software maker’s stock worth $2,165,000 after purchasing an additional 4,491 shares in the last quarter. Paradiem LLC increased its stake in shares of Magic Software Enterprises by 29.0% in the second quarter. Paradiem LLC now owns 34,109 shares of the software maker’s stock valued at $606,000 after purchasing an additional 7,662 shares during the period. Bank of America Corp DE grew its holdings in Magic Software Enterprises by 114.3% during the 1st quarter. Bank of America Corp DE now owns 10,941 shares of the software maker’s stock valued at $189,000 after purchasing an additional 5,836 shares in the last quarter. Finally, Sawtooth Solutions LLC purchased a new stake in Magic Software Enterprises during the 1st quarter worth $260,000. Institutional investors and hedge funds own 29.56% of the company’s stock.

Magic Software Enterprises Company Profile

(GetRating)

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and information technologies (IT) outsourcing software 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.

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