Magic Software Enterprises (NASDAQ:MGIC) Sees Strong Trading Volume

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw unusually-high trading volume on Tuesday . Approximately 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.

Wall Street Analysts Forecast Growth

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

Magic Software Enterprises Stock Up 3.0 %

The firm has a market capitalization of $518.01 million, a PE ratio of 14.34 and a beta of 1.07. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.66 and a quick ratio of 1.66. The company has a 50-day moving average price of $10.69 and a 200 day moving average price of $11.05.

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

Institutional Trading of Magic Software Enterprises

Several hedge funds have recently bought and sold shares of the stock. CANADA LIFE ASSURANCE Co increased its holdings in shares of Magic Software Enterprises by 722.2% in the first 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 bought a new stake in Magic Software Enterprises in the 1st quarter worth approximately $593,000. Acadian Asset Management LLC increased its stake in 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 purchased a new stake in shares of Magic Software Enterprises during the 2nd quarter worth approximately $1,451,000. Finally, Dimensional Fund Advisors LP grew its holdings in shares of 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 purchasing an additional 29,635 shares in the last quarter. Hedge funds and other 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.