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

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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.

Get Our Latest Research Report on Magic Software Enterprises

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

(Get Free Report)

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.

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