Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $12.16 and traded as high as $12.87. Magic Software Enterprises shares last traded at $12.57, with a volume of 88,529 shares changing hands.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on the stock. StockNews.com raised shares of Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a report on Thursday, March 13th. Barclays boosted their price target on Magic Software Enterprises from $15.00 to $16.00 and gave the company an "overweight" rating in a report on Thursday, March 13th. Finally, William Blair lowered Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research report on Wednesday, March 12th.
Get Our Latest Stock Analysis on Magic Software Enterprises
Magic Software Enterprises Trading Up 2.3 %
The stock's 50-day simple moving average is $12.99 and its 200-day simple moving average is $12.20. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The firm has a market capitalization of $644.18 million, a PE ratio of 18.74 and a beta of 1.01.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last released its quarterly earnings results on Tuesday, March 11th. The software maker reported $0.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.25 by ($0.01). The company 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%. As a group, sell-side analysts expect that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.
Magic Software Enterprises Increases Dividend
The company also recently disclosed 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 represents a yield of 4.6%. This is a positive change from Magic Software Enterprises's previous semi-annual dividend of $0.24. Magic Software Enterprises's dividend payout ratio (DPR) is currently 86.67%.
Institutional Investors Weigh In On Magic Software Enterprises
Hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc raised its position in Magic Software Enterprises by 100.0% in the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock worth $48,000 after buying an additional 2,000 shares during the last quarter. JPMorgan Chase & Co. raised 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 valued at $1,101,000 after purchasing an additional 40,642 shares during the last quarter. Barclays PLC lifted its position in Magic Software Enterprises by 4,274.4% during the third 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 during the period. Truist Financial Corp purchased a new stake in Magic Software Enterprises in the fourth quarter worth approximately $189,000. Finally, Truffle Hound Capital LLC bought a new stake in Magic Software Enterprises in the 4th quarter worth approximately $5,173,000. 24.70% of the stock is owned by institutional investors.
About Magic Software Enterprises
(
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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