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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