Magic Software Enterprises (NASDAQ:MGIC) Sees Large Volume Increase – Time to Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares saw an uptick in trading volume on Tuesday . 39,295 shares changed hands during trading, an increase of 41% from the previous session’s volume of 27,812 shares.The stock last traded at $17.5750 and had previously closed at $18.90.

Wall Street Analyst Weigh In

Several equities research analysts have commented on MGIC shares. Wall Street Zen raised shares of Magic Software Enterprises from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magic Software Enterprises in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $18.00.

Magic Software Enterprises Price Performance

The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $859.45 million, a price-to-earnings ratio of 21.61 and a beta of 0.73. The company’s 50 day moving average is $25.59 and its 200-day moving average is $22.63.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Tuesday, November 18th. The software maker reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.04). Magic Software Enterprises had a net margin of 6.61% and a return on equity of 16.28%. The business had revenue of $161.70 million during the quarter, compared to the consensus estimate of $154.80 million. Equities research analysts anticipate 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 modified their holdings of MGIC. Raymond James Financial Inc. bought a new position in shares of Magic Software Enterprises in the second quarter valued at about $33,000. Quent Capital LLC bought a new stake in shares of Magic Software Enterprises during the 3rd quarter worth about $41,000. CWM LLC grew its stake in Magic Software Enterprises by 1,045.5% in the 3rd quarter. CWM LLC now owns 2,291 shares of the software maker’s stock valued at $47,000 after buying an additional 2,091 shares during the last quarter. State of Tennessee Department of Treasury bought a new position in Magic Software Enterprises in the 2nd quarter valued at about $46,000. Finally, IFP Advisors Inc raised its holdings in Magic Software Enterprises by 38.8% in the 3rd quarter. IFP Advisors Inc now owns 2,775 shares of the software maker’s stock valued at $57,000 after acquiring an additional 775 shares during the period. 24.70% of the stock is currently owned by institutional investors and hedge funds.

About Magic Software Enterprises

Magic Software Enterprises Ltd. is a global provider of enterprise software solutions that enable organizations to develop, integrate and manage business applications across cloud and on-premises environments. Serving clients in industries such as financial services, healthcare, manufacturing and distribution, the company’s platforms are designed to accelerate digital transformation by streamlining the creation of web, desktop and mobile applications while ensuring seamless data flow between disparate systems.

The company’s flagship offering, the Magic xpa Application Platform, provides a low-code development environment that simplifies the design, deployment and maintenance of enterprise applications.