Magic Software Enterprises (NASDAQ:MGIC) Shares Down 2.1%

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s stock price dropped 2.1% during trading on Tuesday . The company traded as low as $11.40 and last traded at $11.42. Approximately 12,765 shares traded hands during trading, a decline of 78% from the average daily volume of 58,236 shares. The stock had previously closed at $11.67.

Wall Street Analyst Weigh In

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

Magic Software Enterprises Price Performance

The company has a market capitalization of $551.87 million, a price-to-earnings ratio of 15.99 and a beta of 1.07. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.13. The company’s 50 day simple moving average is $10.77 and its 200-day simple moving average is $11.06.

Magic Software Enterprises (NASDAQ:MGIC) last announced its earnings results on Wednesday, August 14th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $136.25 million for the quarter, compared to analyst estimates of $132.10 million. During the same quarter last year, the business earned $0.28 earnings per share. On average, equities research analysts predict that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.

Institutional Trading of Magic Software Enterprises

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quadrature Capital Ltd acquired a new stake in shares of Magic Software Enterprises in the first quarter worth approximately $593,000. Y.D. More Investments Ltd acquired a new position in shares of Magic Software Enterprises in the 2nd quarter valued at $1,451,000. Wellington Management Group LLP grew its stake in shares of Magic Software Enterprises by 1.6% during the 4th quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker’s stock valued at $6,622,000 after buying an additional 11,010 shares during the period. CANADA LIFE ASSURANCE Co increased its holdings in shares of Magic Software Enterprises by 722.2% during 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. Finally, Dimensional Fund Advisors LP boosted its holdings in Magic Software Enterprises by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after acquiring an additional 29,635 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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.