Magic Software Enterprises (NASDAQ:MGIC) Shares Gap Up – Still a Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s stock price 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.

Wall Street Analysts Forecast Growth

MGIC has been the subject of a number of research reports. Barclays upped their price objective on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. StockNews.com raised shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 22nd.

Magic Software Enterprises Trading Up 1.5 %

The firm has a market capitalization of $626.01 million, a PE ratio of 18.21 and a beta of 1.11. The company’s 50-day simple moving average is $12.44 and its 200 day simple moving average is $11.66. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13.

Hedge Funds Weigh In On Magic Software Enterprises

Several hedge funds and other institutional investors have recently modified their holdings of MGIC. IFP Advisors Inc raised its position in shares of Magic Software Enterprises by 100.0% in 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 during the last quarter. Barclays PLC grew its stake in Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after acquiring an additional 5,685 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Magic Software Enterprises in the 3rd quarter valued at $115,000. Altshuler Shaham Ltd acquired a new stake in Magic Software Enterprises in the 4th quarter valued at $138,000. Finally, Man Group plc acquired a new stake in Magic Software Enterprises in the 4th quarter valued at $145,000. 24.70% of the stock is owned by hedge funds and other institutional investors.

About Magic Software Enterprises

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.