Shares of Magic Software Enterprises (NASDAQ:MGIC) top the two-hundred-day moving average of $18.13

Magic Software Enterprises Ltd. (NASDAQ: MGIC – Get a rating) shares moved above its 200-day moving average during Friday’s session. The stock has a 200-day moving average of $18.13 and is trading as low as $18.82. Magic Software Enterprises shares last traded at $18.79, with volume of 16,024 shares changing hands.

Separately, StockNews.com downgraded shares of Magic Software Enterprises from a “strong buy” rating to a “buy” rating in a Wednesday, June 29 research note.

The company has a quick ratio of 2.28, a current ratio of 2.28 and a leverage ratio of 0.07. The company’s 50-day moving average is $17.20 and its 200-day moving average is $18.13. The company has a market capitalization of $922.08 million, a price-earnings ratio of 33.55 and a beta of 1.19.

Magic Software Companies (NASDAQ: MGIC – Get a rating) last reported results on Thursday, May 12. The software maker reported earnings per share of $0.26 for the quarter, beating the consensus estimate of $0.24 by $0.02. The company posted revenue of $138.71 million for the quarter, versus analyst estimates of $128.80 million. Magic Software Enterprises achieved a net margin of 5.35% and a return on equity of 17.84%. As a group, analysts expect Magic Software Enterprises Ltd. posts an EPS of 1.08 for the current year.

Large investors have recently changed their stock holdings. Royal Bank of Canada increased its stake in shares of Magic Software Enterprises by 666.7% in Q1. Royal Bank of Canada now owns 2,300 shares of the software maker worth $39,000 after acquiring an additional 2,000 shares during the period. Covestor Ltd bought a new position in Magic Software Enterprises during Q4, valued at around $41,000. Lazard Asset Management LLC increased its stake in Magic Software Enterprises by 13.4% during the 4th quarter. Lazard Asset Management LLC now owns 4,931 shares of the software maker valued at $103,000 after acquiring 581 additional shares last quarter. Bank of America Corp DE increased its holdings of Magic Software Enterprises shares by 114.3% in the first quarter. Bank of America Corp DE now owns 10,941 shares of the software maker worth $189,000 after buying 5,836 more shares last quarter. Finally, Sawtooth Solutions LLC purchased a new stake in Magic Software Enterprises stock during the first quarter worth approximately $260,000. Hedge funds and other institutional investors own 29.56% of the company’s shares.

About Magic Software Enterprises (NASDAQ: MGIC)

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions and information technology (IT) outsourcing software services in Israel and internationally. The Company’s Software Services segment develops, markets, sells and supports application platform, software applications, business and process integration solutions and related services.

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