Magic Software Enterprises (NASDAQ:MGIC) Shares Cross Above 200-Day Moving Average – What’s Next?

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $12.16 and traded as high as $12.87. Magic Software Enterprises shares last traded at $12.57, with a volume of 88,529 shares changing hands.

Analysts Set New Price Targets

MGIC has been the subject of several research reports. William Blair lowered Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 12th. StockNews.com upgraded Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 13th. Finally, Barclays raised their target price on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Thursday, March 13th.

Magic Software Enterprises Stock Up 1.9 %

The firm has a market capitalization of $617.17 million, a P/E ratio of 17.96 and a beta of 1.01. The company has a fifty day simple moving average of $12.96 and a 200 day simple moving average of $12.16. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13.

Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings data on Tuesday, March 11th. The software maker reported $0.24 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.01). The firm had revenue of $142.58 million for the quarter, compared to analysts’ expectations of $137.00 million. Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. On average, equities analysts expect that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Magic Software Enterprises Increases Dividend

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

Institutional Investors Weigh In On Magic Software Enterprises

Several institutional investors have recently modified their holdings of the business. IFP Advisors Inc lifted its stake in Magic Software Enterprises by 100.0% during 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 period. Barclays PLC grew its stake in shares of Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after acquiring an additional 5,685 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Magic Software Enterprises during the third quarter valued at approximately $115,000. Altshuler Shaham Ltd bought a new position in Magic Software Enterprises during the fourth quarter valued at approximately $138,000. Finally, Man Group plc purchased a new stake in Magic Software Enterprises in the fourth quarter worth approximately $145,000. 24.70% of the stock is owned by hedge funds and other institutional investors.

Magic Software Enterprises Company Profile

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.