Magic Software Enterprises (NASDAQ:MGIC) Sees Unusually-High Trading Volume

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares saw an uptick in trading volume on Tuesday . 25,842 shares traded hands during trading, a decline of 53% from the previous session’s volume of 54,678 shares.The stock last traded at $10.50 and had previously closed at $10.24.

Analyst Ratings Changes

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

Magic Software Enterprises Stock Down 0.8 %

The company has a market cap of $521.92 million, a PE ratio of 14.56 and a beta of 1.07. The business has a 50-day simple moving average of $10.70 and a 200-day simple moving average of $11.05. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.13.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings results on Wednesday, August 14th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The firm had revenue of $136.25 million for the quarter, compared to analysts’ expectations of $132.10 million. Magic Software Enterprises had a net margin of 6.41% and a return on equity of 15.63%. During the same quarter last year, the company earned $0.28 EPS. Equities research analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Institutional Investors Weigh In On Magic Software Enterprises

Institutional investors have recently bought and sold shares of the company. CANADA LIFE ASSURANCE Co boosted its stake in 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 purchasing an additional 13,469 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Magic Software Enterprises during the first quarter worth $593,000. Acadian Asset Management LLC increased its stake in shares of Magic Software Enterprises by 2,254.6% in the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after acquiring an additional 65,540 shares during the last quarter. Y.D. More Investments Ltd acquired a new stake in Magic Software Enterprises during the second quarter worth about $1,451,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Magic Software Enterprises by 14.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock worth $2,201,000 after buying an additional 29,635 shares during the last quarter. 24.70% of the stock is currently owned by institutional investors and hedge funds.

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.