Magic Software Enterprises (NASDAQ:MGIC) Hits New 12-Month High – What’s Next?

by · The Cerbat Gem

Shares of Magic Software Enterprises Ltd. (NASDAQ:MGICGet Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $25.65 and last traded at $25.2320, with a volume of 13109 shares traded. The stock had previously closed at $24.48.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MGIC shares. Barclays lifted their price target on Magic Software Enterprises from $16.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, August 13th. Wall Street Zen lowered shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Saturday, August 16th. Zacks Research cut shares of Magic Software Enterprises from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Magic Software Enterprises in a research note on Monday, November 24th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $18.00.

View Our Latest Analysis on Magic Software Enterprises

Magic Software Enterprises Stock Performance

The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.11. The stock’s 50 day moving average is $21.54 and its 200 day moving average is $19.93. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 31.15 and a beta of 0.71.

Magic Software Enterprises (NASDAQ:MGICGet Free Report) last released its quarterly earnings results on Tuesday, November 18th. The software maker reported $0.25 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.04). Magic Software Enterprises had a net margin of 6.61% and a return on equity of 16.28%. The business had revenue of $161.70 million during the quarter, compared to analyst estimates of $154.80 million. On average, analysts predict that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current year.

Magic Software Enterprises Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be given a dividend of $0.151 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.60 annualized dividend and a yield of 2.4%. Magic Software Enterprises’s dividend payout ratio (DPR) is presently 72.84%.

Institutional Trading of Magic Software Enterprises

A number of large investors have recently made changes to their positions in the stock. Alliancebernstein L.P. acquired a new position in Magic Software Enterprises in the 3rd quarter valued at about $2,358,000. Arrowstreet Capital Limited Partnership raised its position in shares of Magic Software Enterprises by 133.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 126,278 shares of the software maker’s stock valued at $2,415,000 after buying an additional 72,117 shares during the last quarter. First Trust Advisors LP purchased a new position in shares of Magic Software Enterprises during the third quarter valued at approximately $1,434,000. Susquehanna International Group LLP boosted its position in Magic Software Enterprises by 145.3% during the third quarter. Susquehanna International Group LLP now owns 14,589 shares of the software maker’s stock worth $298,000 after acquiring an additional 46,789 shares during the last quarter. Finally, Y.D. More Investments Ltd grew its stake in Magic Software Enterprises by 22.4% in the 3rd quarter. Y.D. More Investments Ltd now owns 231,768 shares of the software maker’s stock worth $4,719,000 after acquiring an additional 42,441 shares during the period. Institutional investors and hedge funds 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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