Magic Software Enterprises Ltd. (NASDAQ:MGIC – Get Free Report ) rose above its 200-day moving average during trading on Friday. The stock’s 200-day moving average is $11.03 and it traded as high as $11.82. Magic Software Enterprises shares last traded at $11.68 with trading volume of 26,919 shares.
Analyst Rating Changes
Meanwhile, StockNews.com raised Magic Software Enterprises Inc. from a “buy” rating to a “strong buy” rating in a research note on Saturday.
Read the latest Magic Software Enterprise research report
Magic Software Enterprises Stock Performance
The stock has a market capitalization of $573.49 million, a P/E ratio of 16.00 and a beta of 1.06. The stock’s 50-day simple moving average is $10.63 and its 200-day simple moving average is $11.03. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.69 and a quick ratio of 1.69.
Magic Software Enterprises (NASDAQ:MGIC – Get free report ) announced its latest earnings results on Thursday, May 16th. The software maker reported quarterly EPS of $0.23, beating the consensus estimate of $0.21 by $0.02. The business had revenue of $130.72 million for the quarter, beating the consensus estimate of $126.80 million. Magic Software Enterprises had net margins of 6.83% and return on equity of 16.36%. Research analysts expect Magic Software Enterprises to post EPS of $0.95 for the current fiscal year.
Magic Software Enterprises cuts dividend
The company also recently declared a semi-annual dividend, which was paid on Thursday, July 11th. Shareholders of record on Thursday, June 27th were paid a dividend of $0.204 per share. The ex-dividend date was Thursday, June 27th. This equates to a dividend yield of 3.5%. Magic Software Enterprises’ dividend payout ratio (DPR) is currently 56.16%.
Magic Software Enterprises Institutional Trading
Institutional investors have recently added to or reduced their holdings of the company’s stock. Wellington Management Group increased its holdings in Magic Software Enterprises by 1.6% in the fourth quarter. Wellington Management Group now owns 683,357 shares of the company’s stock, valued at $6,622,000, after purchasing an additional 11,010 shares in the last quarter. Colonial River Wealth Management LLC acquired a new stake in Magic Software Enterprises in the fourth quarter, valued at approximately $127,000. Cantonal Bank of Zurich increased its holdings in Magic Software Enterprises by 61.5% in the fourth quarter. Cantonal Bank of Zurich now owns 5,942 shares of the company’s stock, valued at $58,000. Canada Life Insurance Co. increased its holdings in Magic Software Enterprises by 722.2% in the first quarter. Canada Life Insurance now owns 15,334 shares of the software maker’s stock valued at $177,000, after purchasing an additional 13,469 shares in the last quarter. Finally, Quadrature Capital purchased a new stake in Magic Software Enterprises in the first quarter for $593,000. 24.70% of the stock is now owned by institutional investors.
Magic Software Enterprise Company Profile
(Get your free report)
Magic Software Enterprises Ltd. provides unique application development, vertical software solutions, business process integration, information technology (IT) outsourcing software services and cloud-based services in Israel and abroad. The company’s software services division develops, sells and supports application platforms, software applications, business and process integration solutions and related services.
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