Magic Software Enterprises (NASDAQ:MGIC) Hits New 12-Month High – What’s Next?
by Jessica Moore · The Cerbat GemShares of Magic Software Enterprises Ltd. (NASDAQ:MGIC – Get 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:MGIC – Get 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
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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