Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report)'s share price reached a new 52-week high on Tuesday . The company traded as high as $16.50 and last traded at $16.15, with a volume of 131075 shares traded. The stock had previously closed at $15.84.
Wall Street Analyst Weigh In
MGIC has been the subject of a number of research analyst reports. William Blair lowered shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research report on Wednesday, March 12th. StockNews.com raised shares of Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a research report on Thursday, March 13th. Finally, Barclays boosted their price objective on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a report on Thursday, March 13th.
Get Our Latest Report on MGIC
Magic Software Enterprises Stock Performance
The firm's fifty day moving average price is $13.69 and its 200-day moving average price is $12.71. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The company has a market cap of $792.95 million, a P/E ratio of 23.07 and a beta of 0.99.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its quarterly earnings data 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). Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. The company had revenue of $142.58 million for the quarter, compared to the consensus estimate of $137.00 million. As a group, research analysts forecast that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.
Magic Software Enterprises Increases Dividend
The business also recently disclosed a semi-annual dividend, which was paid on Wednesday, May 7th. Stockholders of record on Tuesday, April 22nd were issued a dividend of $0.327 per share. This is an increase from Magic Software Enterprises's previous semi-annual dividend of $0.24. The ex-dividend date of this dividend was Tuesday, April 22nd. This represents a dividend yield of 4.6%. Magic Software Enterprises's payout ratio is presently 86.67%.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the business. IFP Advisors Inc lifted its stake in Magic Software Enterprises by 100.0% during the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock worth $48,000 after purchasing an additional 2,000 shares during the period. Geode Capital Management LLC lifted its stake in Magic Software Enterprises by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 58,105 shares of the software maker's stock worth $699,000 after purchasing an additional 2,587 shares during the period. Barclays PLC lifted its stake 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 worth $69,000 after purchasing an additional 5,685 shares during the period. Lazard Asset Management LLC lifted its stake in Magic Software Enterprises by 45.5% during the fourth quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker's stock worth $226,000 after purchasing an additional 5,878 shares during the period. Finally, GHP Investment Advisors Inc. lifted its stake in Magic Software Enterprises by 16.9% during the first quarter. GHP Investment Advisors Inc. now owns 56,751 shares of the software maker's stock worth $737,000 after purchasing an additional 8,200 shares during the period. Institutional investors and hedge funds own 24.70% of the company's stock.
Magic Software Enterprises Company Profile
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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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