Magic Software Enterprises (NASDAQ:MGIC) Stock Price Down 2.5%

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s share price fell 2.5% during trading on Thursday . The company traded as low as $11.46 and last traded at $11.54. 22,834 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 61,343 shares. The stock had previously closed at $11.84.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on MGIC shares. Barclays increased their price objective on Magic Software Enterprises from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Thursday, March 14th. StockNews.com downgraded Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Monday, March 18th.

Magic Software Enterprises Price Performance

The company has a current ratio of 1.81, a quick ratio of 1.76 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $562.08 million, a PE ratio of 15.23 and a beta of 1.16. The firm has a 50 day moving average price of $10.97 and a 200 day moving average price of $10.34.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP raised its stake in shares of Magic Software Enterprises by 1.6% during the fourth quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker’s stock valued at $6,622,000 after acquiring an additional 11,010 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Magic Software Enterprises by 16.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 138,724 shares of the software maker’s stock worth $1,344,000 after purchasing an additional 19,702 shares in the last quarter. Legal & General Group Plc grew its stake in Magic Software Enterprises by 6.4% during the 4th quarter. Legal & General Group Plc now owns 18,913 shares of the software maker’s stock valued at $184,000 after acquiring an additional 1,140 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in shares of Magic Software Enterprises in the 4th quarter valued at approximately $707,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Magic Software Enterprises by 61.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock worth $58,000 after acquiring an additional 2,263 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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.