HC Wainwright Reiterates $10.00 Price Target for Magic Software Enterprises (MGIC)
HC Wainwright set a $10.00 price objective on Magic Software Enterprises (NASDAQ:MGIC) in a research note published on Thursday. The brokerage currently has a buy rating on the software maker’s stock.
Several other analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Magic Software Enterprises from a hold rating to a sell rating in a research note on Friday, February 23rd. BidaskClub lowered shares of Magic Software Enterprises from a sell rating to a strong sell rating in a research report on Tuesday, January 23rd. Finally, Barclays reaffirmed a buy rating and set a $10.50 target price on shares of Magic Software Enterprises in a research report on Thursday, November 16th. Two research analysts have rated the stock with a sell rating and four have issued a buy rating to the stock. The company has an average rating of Hold and an average target price of $9.81.
Shares of Magic Software Enterprises (MGIC) traded up $0.15 during midday trading on Thursday, reaching $8.10. 15,956 shares of the company’s stock traded hands, compared to its average volume of 24,670. The company has a current ratio of 3.07, a quick ratio of 3.45 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $360.36, a P/E ratio of 16.53 and a beta of 0.88. Magic Software Enterprises has a twelve month low of $7.40 and a twelve month high of $9.50.
The business also recently announced a Semi-Annual dividend, which will be paid on Monday, March 26th. Stockholders of record on Tuesday, March 13th will be given a dividend of $0.13 per share. The ex-dividend date is Monday, March 12th. This is a positive change from Magic Software Enterprises’s previous Semi-Annual dividend of $0.09. This represents a dividend yield of 3.21%. Magic Software Enterprises’s dividend payout ratio (DPR) is 72.22%.
Large investors have recently modified their holdings of the company. Delek Group Ltd. purchased a new position in Magic Software Enterprises during the 4th quarter valued at about $6,150,000. Meitav Dash Investments Ltd. purchased a new position in Magic Software Enterprises during the 4th quarter valued at about $5,201,000. Macquarie Group Ltd. increased its holdings in Magic Software Enterprises by 10.9% during the 4th quarter. Macquarie Group Ltd. now owns 65,637 shares of the software maker’s stock valued at $555,000 after acquiring an additional 6,428 shares in the last quarter. Millennium Management LLC purchased a new position in Magic Software Enterprises during the 4th quarter valued at about $106,000. Finally, Deutsche Bank AG increased its holdings in Magic Software Enterprises by 94.3% during the 4th quarter. Deutsche Bank AG now owns 54,789 shares of the software maker’s stock valued at $459,000 after acquiring an additional 26,595 shares in the last quarter. 10.03% of the stock is currently owned by institutional investors and hedge funds.
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Magic Software Enterprises Company Profile
Magic Software Enterprises Ltd. is a provider of application development, business process integration platforms, vertical software solutions and related professional services. The Company is a vendor of information technology (IT) outsourcing services. Its software technology is used by customers to develop, deploy and integrate on premise, mobile and cloud-based business.
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