Magic Software Enterprises (NASDAQ:MGIC) Stock Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $19.71 and traded as high as $23.21. Magic Software Enterprises shares last traded at $23.16, with a volume of 16,042 shares.

Analysts Set New Price Targets

MGIC has been the subject of several recent research reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Magic Software Enterprises in a research note on Monday, November 24th. Zacks Research cut shares of Magic Software Enterprises from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Wall Street Zen lowered shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a report on Saturday, August 16th. Finally, Barclays increased their target price on Magic Software Enterprises from $16.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, August 13th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $18.00.

Magic Software Enterprises Trading Up 2.2%

The business’s 50-day moving average price is $21.24 and its 200-day moving average price is $19.75. The firm has a market capitalization of $1.14 billion, a PE ratio of 29.69 and a beta of 0.90. 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) last released its quarterly earnings results on Tuesday, November 18th. The software maker reported $0.25 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.04). Magic Software Enterprises had a net margin of 6.58% and a return on equity of 15.85%. The business had revenue of $161.70 million during the quarter, compared to analysts’ expectations of $154.80 million. Magic Software Enterprises has set its FY 2025 guidance at EPS. As a group, analysts expect that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.

Magic Software Enterprises Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be issued a dividend of $0.151 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.6%. Magic Software Enterprises’s dividend payout ratio (DPR) is currently 74.07%.

Institutional Trading of Magic Software Enterprises

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Susquehanna International Group LLP grew its stake in shares of Magic Software Enterprises by 145.3% in the 3rd quarter. Susquehanna International Group LLP now owns 14,589 shares of the software maker’s stock valued at $298,000 after purchasing an additional 46,789 shares during the last quarter. Alliancebernstein L.P. acquired a new stake in shares of Magic Software Enterprises during the third quarter worth $2,358,000. Ameriprise Financial Inc. grew its position in Magic Software Enterprises by 5.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 14,361 shares of the software maker’s stock valued at $293,000 after buying an additional 768 shares during the last quarter. Lazard Asset Management LLC raised its position in Magic Software Enterprises by 8.9% during the 3rd quarter. Lazard Asset Management LLC now owns 23,779 shares of the software maker’s stock worth $485,000 after buying an additional 1,938 shares during the last quarter. Finally, UBS Group AG lifted its stake in shares of Magic Software Enterprises by 78.1% in the 3rd quarter. UBS Group AG now owns 91,081 shares of the software maker’s stock worth $1,859,000 after acquiring an additional 39,940 shares during the period. 24.70% of the stock is owned by hedge funds and other institutional investors.

About Magic Software Enterprises

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.