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

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s share price gapped up before the market opened 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 trading hands.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Barclays upped their price target on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. StockNews.com upgraded 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 Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76. The firm has a market cap of $626.01 million, a P/E ratio of 18.21 and a beta of 1.11. The stock’s 50-day simple moving average is $12.44 and its two-hundred day simple moving average is $11.66.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Man Group plc bought a new position in shares of Magic Software Enterprises in the fourth quarter worth about $145,000. Millennium Management LLC grew its holdings in shares of Magic Software Enterprises by 66.7% in the fourth quarter. Millennium Management LLC now owns 28,599 shares of the software maker’s stock worth $344,000 after purchasing an additional 11,442 shares during the last quarter. Lazard Asset Management LLC grew its holdings 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 worth $226,000 after purchasing an additional 5,878 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Magic Software Enterprises by 4.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 240,841 shares of the software maker’s stock worth $2,896,000 after purchasing an additional 9,752 shares during the last quarter. Finally, Altshuler Shaham Ltd purchased a new stake in Magic Software Enterprises in the fourth quarter worth about $138,000. 24.70% of the stock is currently owned by 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.