Magic Software Enterprises (NASDAQ:MGIC) Sees Unusually-High Trading Volume - Time to Buy?

Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) saw strong trading volume on Monday . 60,608 shares traded hands during mid-day trading, an increase of 11% from the previous session's volume of 54,484 shares.The stock last traded at $13.92 and had previously closed at $13.88.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. William Blair downgraded shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research note on Wednesday, March 12th. Barclays boosted their target price on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a research report on Thursday, March 13th. Finally, StockNews.com raised shares of Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a research report on Thursday, March 13th.

Magic Software Enterprises Trading Down 2.1 %

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 stock has a market capitalization of $682.48 million, a PE ratio of 19.86 and a beta of 1.11. The stock's 50 day simple moving average is $12.73 and its two-hundred day simple moving average is $11.93.

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Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its quarterly earnings results on Tuesday, March 11th. The software maker reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.01). The business had revenue of $142.58 million during the quarter, compared to the consensus estimate of $137.00 million. Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. On average, sell-side analysts expect that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Magic Software Enterprises Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Wednesday, May 7th. Stockholders of record on Tuesday, April 22nd will be issued a $0.327 dividend. This is a positive change from Magic Software Enterprises's previous semi-annual dividend of $0.24. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a dividend yield of 4.6%. Magic Software Enterprises's dividend payout ratio is presently 86.67%.

Hedge Funds Weigh In On Magic Software Enterprises

A number of institutional investors have recently made changes to their positions in MGIC. IFP Advisors Inc boosted its stake in shares of Magic Software Enterprises by 100.0% in the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock valued at $48,000 after purchasing an additional 2,000 shares in the last quarter. Barclays PLC boosted its stake in shares of Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker's stock valued at $69,000 after purchasing an additional 5,685 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Magic Software Enterprises in the 3rd quarter valued at $115,000. Altshuler Shaham Ltd purchased a new stake in shares of Magic Software Enterprises in the 4th quarter valued at $138,000. Finally, Man Group plc purchased a new stake in Magic Software Enterprises during the 4th quarter valued at $145,000. Institutional investors own 24.70% of the company's stock.

Magic Software Enterprises Company Profile

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.