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Magic Software Enterprises (NASDAQ:MGIC) Sets New 12-Month High - Here's Why

Magic Software Enterprises logo with Computer and Technology background

Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $14.25 and last traded at $14.23, with a volume of 36550 shares trading hands. The stock had previously closed at $13.87.

Analysts Set New Price Targets

Several analysts recently commented on MGIC shares. William Blair lowered Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a report on Wednesday, March 12th. Barclays increased their price target 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. Finally, StockNews.com raised shares of Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a report on Thursday, March 13th.

Read Our Latest Stock Report on Magic Software Enterprises

Magic Software Enterprises Stock Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76. The company has a market capitalization of $706.53 million, a price-to-earnings ratio of 20.56 and a beta of 0.99. The firm has a fifty day simple moving average of $13.27 and a 200 day simple moving average of $12.47.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last issued its quarterly earnings results on Tuesday, March 11th. The software maker reported $0.24 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 during the quarter, compared to analysts' expectations of $137.00 million. On average, analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.

Magic Software Enterprises Increases Dividend

The company also recently disclosed a semi-annual dividend, which was paid on Wednesday, May 7th. Investors of record on Tuesday, April 22nd were issued a $0.327 dividend. This represents a yield of 4.6%. This is a boost from Magic Software Enterprises's previous semi-annual dividend of $0.24. The ex-dividend date was Tuesday, April 22nd. Magic Software Enterprises's payout ratio is presently 86.67%.

Hedge Funds Weigh In On Magic Software Enterprises

A number of hedge funds have recently made changes to their positions in MGIC. Tidal Investments LLC lifted its stake in shares of Magic Software Enterprises by 4.6% in the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker's stock worth $342,000 after buying an additional 1,278 shares in the last quarter. IFP Advisors Inc raised its holdings 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 valued at $48,000 after acquiring an additional 2,000 shares during the last quarter. Geode Capital Management LLC lifted its stake in Magic Software Enterprises by 4.7% in the 4th 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 in the last quarter. Barclays PLC boosted its holdings in shares of Magic Software Enterprises by 4,274.4% during the 3rd 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 last quarter. Finally, Lazard Asset Management LLC grew its position in shares of Magic Software Enterprises by 45.5% in the fourth quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker's stock valued at $226,000 after purchasing an additional 5,878 shares in the last quarter. Institutional investors and hedge funds own 24.70% of the company's stock.

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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