Magic Software Enterprises (NASDAQ:MGIC) Shares Gap Down – What’s Next?

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $19.40, but opened at $17.96. Magic Software Enterprises shares last traded at $18.1360, with a volume of 23,531 shares traded.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MGIC shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Magic Software Enterprises in a research note on Monday, December 29th. Wall Street Zen raised shares of Magic Software Enterprises from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $18.00.

Magic Software Enterprises Price Performance

The firm has a market capitalization of $850.17 million, a P/E ratio of 21.38 and a beta of 0.73. The business’s 50-day simple moving average is $24.97 and its 200 day simple moving average is $22.58. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.11.

Institutional Investors Weigh In On Magic Software Enterprises

A number of hedge funds and other institutional investors have recently modified their holdings of MGIC. XTX Topco Ltd bought a new position in Magic Software Enterprises during the 4th quarter worth approximately $336,000. Altshuler Shaham Ltd lifted its stake in Magic Software Enterprises by 187,232.6% in the fourth quarter. Altshuler Shaham Ltd now owns 252,899 shares of the software maker’s stock worth $6,580,000 after acquiring an additional 252,764 shares during the period. Lazard Asset Management LLC boosted its stake in shares of Magic Software Enterprises by 4.0% during the 4th quarter. Lazard Asset Management LLC now owns 24,734 shares of the software maker’s stock valued at $637,000 after purchasing an additional 955 shares in the last quarter. Susquehanna Advisors Group Inc. purchased a new position in shares of Magic Software Enterprises during the fourth quarter valued at about $211,000. Finally, Dimensional Fund Advisors LP raised its stake in Magic Software Enterprises by 6.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 298,836 shares of the software maker’s stock worth $7,697,000 after buying an additional 16,878 shares in the last quarter. Institutional investors own 24.70% of the company’s stock.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. is a global provider of enterprise software solutions that enable organizations to develop, integrate and manage business applications across cloud and on-premises environments. Serving clients in industries such as financial services, healthcare, manufacturing and distribution, the company’s platforms are designed to accelerate digital transformation by streamlining the creation of web, desktop and mobile applications while ensuring seamless data flow between disparate systems.

The company’s flagship offering, the Magic xpa Application Platform, provides a low-code development environment that simplifies the design, deployment and maintenance of enterprise applications.