Magic Software Enterprises (NASDAQ:MGIC) Shares Gap Up – Time to Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) gapped up prior to trading on Monday . The stock had previously closed at $12.56, but opened at $12.95. Magic Software Enterprises shares last traded at $12.61, with a volume of 15,415 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Barclays lifted their target price on Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. StockNews.com raised Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 22nd.

Magic Software Enterprises Stock Down 1.1 %

The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The stock’s 50-day moving average price is $12.45 and its 200-day moving average price is $11.67. The company has a market cap of $621.35 million, a P/E ratio of 18.08 and a beta of 1.11.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC raised its position in shares of Magic Software Enterprises by 4.6% during the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after purchasing an additional 1,278 shares during the period. IFP Advisors Inc increased its stake in Magic Software Enterprises by 100.0% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock valued at $48,000 after purchasing an additional 2,000 shares in the last quarter. Geode Capital Management LLC increased its stake in Magic Software Enterprises by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 58,105 shares of the software maker’s stock valued at $699,000 after purchasing an additional 2,587 shares in the last quarter. Barclays PLC raised its holdings in Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after buying an additional 5,685 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its stake in shares of Magic Software Enterprises by 45.5% in the fourth quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker’s stock valued at $226,000 after buying an additional 5,878 shares in 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. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.