Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $12.10 and traded as high as $13.00. Magic Software Enterprises shares last traded at $12.99, with a volume of 98,792 shares traded.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on MGIC shares. William Blair cut shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research note on Wednesday, March 12th. Barclays upped their price objective on Magic Software Enterprises from $15.00 to $16.00 and gave the company an "overweight" rating in a research note on Thursday, March 13th. Finally, StockNews.com upgraded shares of Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a research note on Thursday, March 13th.
Check Out Our Latest Report on Magic Software Enterprises
Magic Software Enterprises Stock Down 4.1 %
The firm has a fifty day moving average price of $12.97 and a 200 day moving average price of $12.13. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The company has a market cap of $614.72 million, a P/E ratio of 17.98 and a beta of 1.11.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last announced its earnings results on Tuesday, March 11th. The software maker reported $0.24 earnings per share for the quarter, missing analysts' consensus estimates of $0.25 by ($0.01). Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. The company had revenue of $142.58 million during the quarter, compared to the consensus estimate of $137.00 million. Equities research analysts forecast that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current year.
Magic Software Enterprises Increases Dividend
The firm also recently announced a semi-annual dividend, which will be paid on Wednesday, May 7th. Shareholders of record on Tuesday, April 22nd will be given a dividend of $0.327 per share. The ex-dividend date of this dividend is Tuesday, April 22nd. This is an increase from Magic Software Enterprises's previous semi-annual dividend of $0.24. This represents a yield of 4.6%. Magic Software Enterprises's dividend payout ratio is presently 86.67%.
Hedge Funds Weigh In On Magic Software Enterprises
Several large investors have recently bought and sold shares of the business. IFP Advisors Inc increased 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 acquiring an additional 2,000 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Magic Software Enterprises by 77.4% during the third quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker's stock worth $1,101,000 after buying an additional 40,642 shares in the last quarter. Barclays PLC lifted its position in shares of Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker's stock worth $69,000 after purchasing an additional 5,685 shares in the last quarter. Truist Financial Corp bought a new stake in shares of Magic Software Enterprises in the fourth quarter worth $189,000. Finally, Truffle Hound Capital LLC acquired a new position in Magic Software Enterprises during the fourth quarter worth $5,173,000. 24.70% of the stock is currently owned by institutional investors and hedge funds.
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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