Magic Software Enterprises (NASDAQ:MGIC) Shares Down 2.5%

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares fell 2.5% during mid-day trading on Thursday . The stock traded as low as $11.46 and last traded at $11.54. 22,834 shares changed hands during trading, a decline of 63% from the average session volume of 61,343 shares. The stock had previously closed at $11.84.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MGIC. StockNews.com cut Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Monday, March 18th. Barclays increased their price target on Magic Software Enterprises from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Thursday, March 14th.

Magic Software Enterprises Stock Performance

The stock has a market capitalization of $562.08 million, a price-to-earnings ratio of 15.23 and a beta of 1.16. The firm has a fifty day moving average of $10.97 and a 200 day moving average of $10.34. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.81 and a quick ratio of 1.76.

Institutional Trading of Magic Software Enterprises

Several institutional investors have recently bought and sold shares of the business. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Magic Software Enterprises in the third quarter valued at approximately $29,543,000. Wellington Management Group LLP raised its position in Magic Software Enterprises by 1.6% in the fourth quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker’s stock valued at $6,622,000 after purchasing an additional 11,010 shares during the period. Renaissance Technologies LLC raised its position in Magic Software Enterprises by 7.3% in the first quarter. Renaissance Technologies LLC now owns 416,064 shares of the software maker’s stock valued at $5,671,000 after purchasing an additional 28,400 shares during the period. Naples Global Advisors LLC raised its position in Magic Software Enterprises by 14.0% in the third quarter. Naples Global Advisors LLC now owns 323,860 shares of the software maker’s stock valued at $3,656,000 after purchasing an additional 39,784 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Magic Software Enterprises by 18.0% in the second quarter. Dimensional Fund Advisors LP now owns 165,967 shares of the software maker’s stock valued at $2,207,000 after buying an additional 25,331 shares in the last quarter. 24.70% of the stock is owned by institutional investors and hedge funds.

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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.