Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $17.37 and traded as high as $20.69. Magic Software Enterprises shares last traded at $20.39, with a volume of 28,678 shares trading hands.
Analysts Set New Price Targets
MGIC has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of Magic Software Enterprises from a "buy" rating to a "hold" rating in a research report on Saturday, August 16th. Barclays lifted their price target on shares of Magic Software Enterprises from $16.00 to $18.00 and gave the company an "overweight" rating in a research report on Wednesday, August 13th. Finally, Zacks Research upgraded shares of Magic Software Enterprises from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $18.00.
Read Our Latest Report on Magic Software Enterprises
Magic Software Enterprises Stock Up 0.4%
The firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of 26.14 and a beta of 0.91. The stock has a fifty day moving average of $20.10 and a two-hundred day moving average of $17.37. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.61 and a quick ratio of 1.61.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its quarterly earnings data on Wednesday, August 13th. The software maker reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. The business had revenue of $151.60 million during the quarter, compared to the consensus estimate of $143.06 million. Magic Software Enterprises had a return on equity of 15.85% and a net margin of 6.58%. Magic Software Enterprises has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current year.
Magic Software Enterprises Cuts Dividend
The business also recently disclosed a semi-annual dividend, which will be paid on Wednesday, October 22nd. Investors of record on Monday, October 6th will be issued a $0.296 dividend. This represents a yield of 290.0%. The ex-dividend date is Monday, October 6th. Magic Software Enterprises's dividend payout ratio is presently 75.64%.
Institutional Trading of Magic Software Enterprises
Institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. acquired a new stake in Magic Software Enterprises in the second quarter valued at $33,000. State of Tennessee Department of Treasury acquired a new position in Magic Software Enterprises in the second quarter valued at $46,000. Walleye Capital LLC acquired a new position in Magic Software Enterprises in the first quarter valued at $161,000. Ameriprise Financial Inc. acquired a new position in Magic Software Enterprises in the second quarter valued at $260,000. Finally, Corton Capital Inc. acquired a new position in Magic Software Enterprises in the second quarter valued at $286,000. 24.70% of the stock is currently owned by institutional investors and hedge funds.
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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