Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $15.32 and last traded at $15.20, with a volume of 84202 shares changing hands. The stock had previously closed at $14.43.
Analysts Set New Price Targets
MGIC has been the topic of several recent analyst reports. William Blair lowered shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research note on Wednesday, March 12th. Barclays lifted their price target on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a research note on Thursday, March 13th. Finally, StockNews.com upgraded Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a report on Thursday, March 13th.
Get Our Latest Research Report on MGIC
Magic Software Enterprises Stock Up 2.3%
The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The stock has a market cap of $795.40 million, a price-to-earnings ratio of 23.14 and a beta of 0.99. The business's fifty day moving average is $13.65 and its two-hundred day moving average is $12.67.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its 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 net margin of 6.49% and a return on equity of 15.42%. The business had revenue of $142.58 million during the quarter, compared to analysts' expectations of $137.00 million. Equities analysts forecast 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 announced a semi-annual dividend, which was paid on Wednesday, May 7th. Stockholders of record on Tuesday, April 22nd were issued a $0.327 dividend. This is an increase from Magic Software Enterprises's previous semi-annual dividend of $0.24. The ex-dividend date 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
Hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC grew its holdings in Magic Software Enterprises by 4,274.4% during the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker's stock valued at $69,000 after buying an additional 5,685 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Magic Software Enterprises by 77.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker's stock valued at $1,101,000 after acquiring an additional 40,642 shares during the last quarter. Truist Financial Corp purchased a new position in shares of Magic Software Enterprises during the 4th quarter worth about $189,000. IFP Advisors Inc boosted its position in shares of Magic Software Enterprises by 100.0% in the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock worth $48,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Magic Software Enterprises during the fourth quarter worth approximately $1,392,000. 24.70% of the stock is owned by hedge funds and other institutional investors.
About Magic Software Enterprises
(
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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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