Magic Software Enterprises (NASDAQ:MGIC) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) 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 trading hands.

Analyst Ratings Changes

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

Magic Software Enterprises Stock Down 3.1 %

The company's 50-day simple moving average is $12.97 and its two-hundred day simple moving average is $12.13. The firm has a market cap of $621.10 million, a PE ratio of 18.07 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its 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 return on equity of 15.42% and a net margin of 6.49%. On average, analysts predict that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.

Magic Software Enterprises Increases Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Wednesday, May 7th. Stockholders of record on Tuesday, April 22nd will be paid a dividend of $0.327 per share. The ex-dividend date is Tuesday, April 22nd. This is a boost from Magic Software Enterprises's previous semi-annual dividend of $0.24. This represents a dividend yield of 4.6%. Magic Software Enterprises's payout ratio is 86.67%.

Institutional Trading of Magic Software Enterprises

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGIC. IFP Advisors Inc grew its holdings in shares of Magic Software Enterprises by 100.0% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock worth $48,000 after acquiring an additional 2,000 shares during the period. Barclays PLC raised its holdings in Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker's stock worth $69,000 after acquiring an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Magic Software Enterprises in the 3rd quarter valued at approximately $115,000. Altshuler Shaham Ltd purchased a new stake in Magic Software Enterprises during the 4th quarter valued at $138,000. Finally, Man Group plc bought a new position in shares of Magic Software Enterprises during the fourth quarter valued at $145,000. Hedge funds and other 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.