Magic Software Enterprises Ltd. [NASDAQ: MGIC] stock went on a downward path that fall over -3.29% on Thursday, amounting to a one-week price decrease of less than -4.98%. The company report on March 13, 2024 at 8:24 AM that Magic Software Reports Fourth Quarter and Full Year 2023 Financial Results.
Summary Results for the Fourth Quarter 2023 (USD in millions, except per share data).
Over the last 12 months, MGIC stock dropped by -17.39%. The one-year Magic Software Enterprises Ltd. stock forecast points to a potential upside of 18.21. The average equity rating for MGIC stock is currently 1.50, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $562.08 million, with 49.09 million shares outstanding and 26.19 million shares in the current float. Compared to the average trading volume of 63.05K shares, MGIC stock reached a trading volume of 119591 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Magic Software Enterprises Ltd. [MGIC]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MGIC shares is $14.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MGIC stock is a recommendation set at 1.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
H.C. Wainwright have made an estimate for Magic Software Enterprises Ltd. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on August 17, 2020. The new note on the price target was released on March 11, 2020, representing the official price target for Magic Software Enterprises Ltd. stock. Previously, the target price had yet another raise from $9 to $10, while Rodman & Renshaw kept a Buy rating on MGIC stock. On March 06, 2017, analysts increased their price target for MGIC shares from 8 to 9.
The Average True Range (ATR) for Magic Software Enterprises Ltd. is set at 0.32, with the Price to Sales ratio for MGIC stock in the period of the last 12 months amounting to 1.05. The Price to Book ratio for the last quarter was 2.25, with the Price to Cash per share for the same quarter was set at 2.18. Price to Free Cash Flow for MGIC in the course of the last twelve months was 7.63 with Quick ratio for the last quarter at 1.76.
MGIC Stock Performance Analysis:
Magic Software Enterprises Ltd. [MGIC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.98. With this latest performance, MGIC shares gained by 4.28% in over the last four-week period, additionally plugging by 5.92% over the last 6 months – not to mention a drop of -17.39% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MGIC stock in for the last two-week period is set at 51.02, with the RSI for the last a single of trading hit 44.44, and the three-weeks RSI is set at 53.72 for Magic Software Enterprises Ltd. [MGIC]. The present Moving Average for the last 50 days of trading for this stock 10.97, while it was recorded at 11.84 for the last single week of trading, and 11.09 for the last 200 days.
Insight into Magic Software Enterprises Ltd. Fundamentals:
Magic Software Enterprises Ltd.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.76 and a Current Ratio set at 1.81.
MGIC Stock EPS
With the latest financial reports released by the company, Magic Software Enterprises Ltd. posted 0.26/share EPS, while the average EPS was predicted by analysts to be reported at 0.26/share. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MGIC. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Magic Software Enterprises Ltd. go to 7.10%.
Magic Software Enterprises Ltd. [MGIC] Institutonal Ownership Details
The top three institutional holders of MGIC stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in MGIC stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in MGIC stock with ownership which is approximately 5.8325%.
